Cabinet approves Sugar export policy for evacuation of surplus stocks
Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi has given its approval for sugar export policy for evacuation of surplus stocks during sugar season 2019-20. The policy provides lump sum export subsidy of Rs. 10,448 per Metric Tonne (MT) to sugar mills for season 2019-20.
It will be provided for expenses on marketing costs including handling, upgrading and other processing costs, international and internal transport costs and freight charges. It will be directly credited into farmers’ account on behalf of mills against cane price dues and subsequent balance, if any, will be credited to mill’s account. It shall be in conformity with the provisions of Article 9.1 (d) & (e) of Agreement on Agriculture (AoA) and thus World Trade Organisation (WTO) compatible. The decision will benefit millions of farmers in Maharashtra, Uttar Pradesh, Haryana and Karnataka as well as other states.
Category: Economy & Banking Current Affairs