Summary of Cabinet Approval on 'Fair and Remunerative Price' (FRP) of Sugarcane
The Cabinet Committee on Economic Affairs, chaired by Prime Minister Shri Narendra Modi, has approved the Fair and Remunerative Price (FRP) of sugarcane for the Sugar Season 2024-25, set at ₹ 340/quintal for a recovery rate of 10.25%. This decision ensures prosperity for sugarcane farmers and aims to benefit over 5 crore sugarcane farmers in India.
- Fixed FRP at ₹ 340/quintal for a recovery rate of 10.25%.
- Provided a premium of ₹ 3.32/quintal for every 0.1 percentage point increase above 10.25% recovery.
- Set FRP at ₹ 315.10/quintal for sugar factories with a recovery rate of 9.5% or less.
Key Points:
- The revised FRP will be effective from 01 Oct 2024.
- The FRP is approximately 8% higher than the current season, benefiting sugarcane farmers.
- Government ensuring the world's cheapest sugar for domestic consumers despite high sugarcane prices.
- 99.5% of dues from the previous sugar season 2022-23 have been paid to farmers.
Potential Exam Questions:
- What is the Fair and Remunerative Price (FRP) approved for sugarcane for the Sugar Season 2024-25?
- How does the premium system work for sugarcane recovery rates above 10.25%?
- Discuss the significance of ensuring the world's cheapest sugar for domestic consumers amidst high sugarcane prices.
"With timely policy interventions by the Government, sugar mills have become self-sustainable."
Exam Preparation Overview:
Understanding the concept of Fair and Remunerative Price (FRP) for sugarcane, the premium system, and the significance of government interventions in the sugar sector is crucial for competitive exams. Stay updated on current affairs related to agriculture and government policies.
Key Takeaways:
- Approval of higher FRP for sugarcane farmers
- Premium system for recovery rates above 10.25%
- Government's efforts to ensure the prosperity of sugarcane farmers and stabilize the sugar sector