Cabinet authorizes the rise in sugarcane FRP to Rs 315 per quintal for the marketing season 2023-2024
The Cabinet Committee was held on Wednesday about the discussion on Economic Affairs, which was being helmed by PM Narendra Modi. It was then approved that the fair and remunerative price (FRP) of sugarcane must be increased by Rs 10. The rate of sugarcane for the marketing year 2023-2024 has been authorized for Rs 315 per quintal, which will be enforced from October.
In a recent interview, Information and Broadcasting Minister Anurag Thakur said that the Prime Minister has always been in favor of the “annadata” (food providers). Also, the government has given priority to farmers and agriculture. He further added, the FRP of sugarcane in the year 2014-15 has been Rs 210 per quintal while this year it has raised up to Rs 315 per quintal.
The Commission for Agriculture Costs and Prices (CACP) has suggested the FRP for a nominal recovery rate of 10.25%. It also said that the higher the recovery, the more will be the price of sugarcane.
The decision has been made in the interest of the farmers, which is essential for the Lok Sabha elections in 2024. Around, 5 crore farmers are dependent on sugarcane and it is also an important sector. The field also creates job opportunities for 5 lakh workers in the mills and apart from that transportation through the sector is also highly payable.
The sugar mills in India for the current year 2022-2023 has purchased around 3,353 lakh tonne of sugarcane, which is worth Rs 1.11 trillion.