The government on Wednesday announced a Rs 6,268 crore subsidy for export of 6 million tonnes of sugar during the 2019-20 marketing year starting October in order to liquidate surplus domestic stock and help mills in clearing huge sugarcane arrears to farmers.
The decision was taken at a meeting of the Cabinet Committee on Economic Affairs (CCEA) headed by Prime Minister Narendra Modi. “We have taken an important decision in the interest of sugarcane farmers. The cabinet has approved export subsidy for 6 million tonnes for 2019-20,” Information and Broadcasting Minister Prakash Javadekar told reporters after the cabinet meeting.
A lump sum export subsidy of Rs 10,448 per tonne will be given to sugar mills in the 2019-20 marketing year (October-September), costing the exchequer Rs 6,268 crore as subsidy, he said. This will benefit millions of farmers in Uttar Pradesh, Maharashtra and Karnataka as well as other states, he added. The government is providing subsidy for export of 5 million tonnes of sugar for the current 2018-19 marketing year.
Here are the highlights:
7:10 pm: Cabinet allows 100% FDI in contract manufacturing under automatic route, says Piyush Goyal.
7.00 pm: Cabinet gives its nod for FDI in digital media & 100% FDI in insurance intermediaries: Government.
6.58 pm: Cabinet approves establishment of an International Coalition for Disaster Resilient Infrastructure (CDRI), to be launched by PM Modi during UN Climate Summit in New York on September 23.
6.54 pm: First change allowed 100% FDI in contract manufacturing: Prakash Javadekar.
6.53 pm: Many new companies want to come to India today: Prakash Javadekar.
6.52 pm: 100% FDI in coal mining through automatic route, decides cabinet.
6.51 pm: We have been trying to increase the FDI in India: Prakash Javadekar.
6.50 pm: Union Minister Prakash Javadekar: Cabinet has approved Establishment of an International Coalition for Disaster Resilient Infrastructure (CDRI); PM Modi to launch CDRI during UN Climate Summit in New York on 23rd September 2019.
6.48 pm: The Union Cabinet has approved Sugar export policy for the evacuation of surplus stocks during sugar season 2019-20; nearly 60 lakh tonnes sugar to be exported in this financial year: Union Minister Prakash Javadekar.
6.46 pm: Many decisions have been taken in the cabinet meeting. 75 new medical colleges will be opened. It will cost 24 thousand crore rupees. With this, more than 15 thousand new doctors will be recruited: Prakash Javadekar.
6.45 pm: "75 new medical colleges to be opened with Rs 24,000 crore investment": Union Minister Prakash Javadekar.