THE NEWS FREEDOM
NEW DELHI, FEBRUARY 21
The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has approved the Fair and Remunerative Price (FRP) of sugarcane for the Sugar Season 2024-25 at ₹340 per quintal, based on a sugar recovery rate of 10.25 percent. This represents a historic price increase of approximately 8 percent compared to the previous season of 2023-24. The revised FRP will be effective from October 1, 2024.
Addressing the press conference, Union Minister Anurag Thakur outlined the decision to set the sugarcane price for the upcoming season, ensuring fair compensation to farmers from sugar mills. He emphasized the adjustment to ₹340 per quintal for the 2024-25 season, compared to ₹315 in the preceding year.
Additionally, the Union Minister announced a sub-scheme under the National Livestock Mission, overseen by the Ministry of Animal Husbandry and Dairying. “This initiative aims to address the decline in population of pack animals such as camels, horses, and donkeys, thereby enhancing livestock and poultry production. Individuals, FPOs, SHGs, JLGs, and FCOs will be eligible for a 50% capital subsidy, up to ₹50 lakhs, to support this effort,” he added.
The Union Cabinet also approved amendments to the Foreign Direct Investment (FDI) policy regarding the space sector. The satellite sub-sector has been divided into three distinct activities, each with defined limits for foreign investment.
This decision aligns with the Indian Space Policy 2023, which serves as a comprehensive and dynamic framework to realize India’s potential in the space sector through increased private participation. The policy aims to enhance space capabilities, foster commercial presence in space, drive technology development and promote international relations. It seeks to create an ecosystem for effective implementation of space applications across all stakeholders.