Business Standard

Cabinet approves raising production assistance for cane farmers

Image

Reuters NEW DELHI

NEW DELHI (Reuters) - India's cabinet on Wednesday approved raising the price the government directly pays to cane growers to 138 rupees ($1.90) a tonne in the new season beginning October 2018, Finance Minister Arun Jaitley said.

Reuters earlier reported that the cabinet of Prime Minister Narendra Modi was set to raise cane farmers' production assistance to 138 rupees a tonne in the 2018/19 season, up from 55 rupees in the current season.

On Wednesday, Modi's cabinet approved other incentives to encourage cash-strapped mills to export sugar in the 2018/19 season, as part of efforts to trim bulging stocks at home.

($1 = 72.63 rupees)

 

(Reporting by Mayank Bhardwaj; Editing by Malini Menon)

Disclaimer: No Business Standard Journalist was involved in creation of this content

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Sep 26 2018 | 2:56 PM IST

Explore News