Prime Minister Narendra Modi after hike in sugarcane price

PM Modi said the move would benefit millions of sugarcane farmers (file photo)

New Delhi:

Prime Minister Narendra Modi on Thursday underlined his government's commitment to fulfilling commitments for farmers' welfare, saying a “historic” hike in the price of sugarcane was part of these efforts.

This will benefit millions of sugarcane farmers, he said in a series of messages on X, highlighting several decisions taken by the Union Cabinet on Wednesday.

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Narendra Modi (@narendramodi) February 22, 2024

The Cabinet meeting led by Prime Minister Modi increased the minimum price that mills have to pay to sugarcane farmers from Rs 25 to Rs 340 per quintal for the 2024-25 season starting in October.

An official statement had said after the decision: “The new FRP will ensure the prosperity of sugarcane producers. It is worth noting that India already pays the highest price for sugarcane in the world and, despite this, the government guarantees domestic consumers the cheapest sugar in the world. “.

Reacting to other Cabinet decisions, he said the steps taken regarding the National Livestock Mission will bring exciting opportunities for entrepreneurs as well as a major increase in fodder production and breed conservation.

The government on Wednesday amended the National Livestock Mission by including various activities and providing 50 percent capital grant to individuals and organizations to set up equestrian, donkey, mule and camel entrepreneurial venture.

The government on Wednesday also relaxed foreign direct investment (FDI) norms in the space sector by allowing 100% foreign investment in the manufacturing of components for satellites, as part of efforts to attract foreign players and companies private in this segment.

Welcoming this, PM Modi said, “Charting new orbits for growth and innovation!” Our government has updated the FDI policy in the space sector, paving the way for a galaxy of opportunities.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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