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Posted on Jan 31, 07:48PM | IBNS
New Delhi, Jan 31 : The Cabinet Committee on Economic Affairs has approved the fair and remunerative price of sugarcane payable by sugar mills for 2013-14 sugar season to be fixed at Rs.210 per quintal.
This price will be linked to a basic recovery rate of 9.5 percent, subject to a premium of Rs.2.21 per quintal for every 0.1 percentage point increase in recovery above that level.
The 'fair and remunerative price' of Sugarcane is determined under the Sugarcane (Control) Order 1966. This will be uniformly applicable all over the country.
"The revision will be in the interest of sugarcane growers keeping in view the need for a remunerative price and the present situation of the sugar industry," said a government release on Thursday.
"This revision is a continuation of a steady sugarcane pricing regime with moderate increases, which is not likely to disturb inter-se cropping pattern and ensure adequate availability of sugar as well as other basic foodstuff in coming years," it said.