UP may raise sugarcane price by Rs 25 a quintal ahead of festive season
The Uttar Pradesh government is expected to raise the state-advised price (SAP) for sugarcane by Rs 25 a quintal ahead of the festive season, sources told Moneycontrol on September 4.
The new price would be applicable for the purchase of sugarcane from farmers by sugar mills in the upcoming sugar season from October 2023 to September 2024.
The potential hike in the support price of sugarcane by the government is a significant development for farmers and the sugar industry as it will provide better compensation to the growers for their produce and improve their livelihood and incentivise cultivation.
Sources shared that a high-level consensus has been reached for this SAP hike and various stakeholders, including the state government and agricultural experts, have likely reviewed the need for this adjustment.
The Cabinet Committee on Economic Affairs had in June announced a Rs 10-per-quintal increase in the Fair and Remunerative Price (FRP) of sugarcane, which is the minimum price that mills have to pay to sugarcane growers, to Rs 315 per quintal for the 2023-24 season.
(This is a developing story. More details are awaited.)
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