Exclusive | Big news for sugar sector! Relief package likely coming soon; 5 cr farmers to benefit too
The government may announce a relief package worth Rs 10000-Rs 12000 cr for the sugar industry. The announcement which is likely to come in 15-20 days will be a major relief for the sector, Zee Business' Chetan Bhutani reports
The government may announce a relief package worth Rs 10000-Rs 12000 cr for the sugar industry. The announcement which is likely to come in 15-20 days will be a major relief for the sector, Zee Business' Chetan Bhutani reports.
The modalities of the sugar sector package are almost ready, Bhutani said and added that the plan is being prepared to give the sector a much needed relief. The package is likely to clear dues of the industry which have been there since last year, he averred.
Watch Zee Business Tweet Video Below:
A look at this week's startup deals: Byju's, Atlys, EaseMyAI, NoBroker, Flash, insideFPV, Bluwheelz in news
— Zee Business (@ZeeBusiness) June 1, 2020
The government has heard the demands of the sugar industry and has already started work on that. Consumer Affairs Minister Ram Vilas Paswan has also expressed concern over the plight of the sugar industry in his meeting with the ministry officials, Bhutani said.
The government is planning to provide soft loans to the sugar mills. Among other measures, the government is also planning to increase the sugar export quota of companies from the existing 45 lakh metric tons to 60 lakh metric tons, he said. This will enable the companies to clear their excess stock, he added.
The discussions on increasing the export quota are already on. A draft cabinet note will be prepared by the ministry which will be shared with other ministries for further consultations. The final approval will be made only after it comes to the cabinet, Bhutani said. All this can take 15-20 days, he added.
The relief package is also likely to benefit over 5 cr farmers. The government will be giving the farmers cash through the sugar mills. Major chunk of the relief package will go to the sugar mills, Bhutani said adding that the mills will be making the payments to the farmers.
Through the soft loans, the government will be giving sugar mills an option to avail the credit facility from the market.
See Zee Business Live TV Streaming Below:
The minister has recently said that the sugar sector should not be allowed to fall.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
PNB Gilts hits 52-week high; banks, AMCs rise too as JPMorgan announces it will include India in EM debt index
India vs Australia Free Live Streaming: When and How to Watch IND VS AUS 1st ODI Match Live on TV, Mobile Apps Online
Retirement Planning: This small finance bank offers up to 9.5% interest rate on FDs to senior citizens, check details
SBI Retirement Benefit Fund: This SBI fund has given more than 20% return since its launch, check details