Govt hikes sugarcane FRP by 8% to Rs 340/quintal for 2024-25 season
PTC News Desk: The Centre on Wednesday hiked the sugarcane FRP, which is the minimum price that mills have to pay to sugarcane growers, by 8% to Rs 340 per quintal for the 2024-25 season (October-September).
The Union Cabinet chaired by Prime Minister Narendra Modi approved the ‘Fair and Remunerative Price’ of sugarcane at Rs. 340 per quintal for a basic recovery rate of 10.25%.
This decision is expected to benefit over 5 crore sugarcane farmers, their families, and others involved in the sugar industry.
Briefing reporters following a union cabinet meeting, Information and Broadcasting Minister Anurag Thakur stated that this is a historic sugarcane price that is approximately 8% higher than the FRP for the current season 2023-24. The revised FRP will be effective October 1, 2024.
"India already pays the highest price for sugarcane in the world. It is 107% higher than the A2 FL cost of sugarcane," Thakur said, adding that the new FRP will benefit sugarcane farmers. He stated that it reaffirms the fulfilment of the Modi government's promise to double farmers' income.
According to an official release, the CCEA decision will require sugar mills to pay FRP for sugarcane at Rs 340 per quintal, representing a 10.25 percent recovery.
"It is noteworthy that India is already paying the highest price of sugarcane in the world and despite that Government is ensuring the world's cheapest sugar to domestic consumers. This decision of the Central Government is going to benefit more than 5 crore sugarcane farmers (including family members) and lakhs of other persons involved in the sugar sector," the release read.
"With each increase of recovery by 0.1 per cent, farmers will get an additional price of Rs 3.32 while the same amount will be deducted on reduction of recovery by 0.1 per cent. However, Rs 315.10 per quintal is the minimum price of sugarcane which is at recovery of 9.5 per cent. Even if sugar recovery is lesser, farmers are assured of FRP ar Rs 315.10 per quintal."
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