SME Times is powered by   
Search News
Just in:   • Healthy Monsoon forecast, global cues pushes equities higher  • ECLGS 2.0 now covers SMA-1 borrowers  • Forex reserves up by over $4 bn  • Honda Cars India to recall 77,954 units  • Industrial activity to continue despite surge: Haryana CM 
Last updated: 27 Sep, 2014  

kvthomas-thmb.jpg Govt partially decontrols Rs 80,000 cr sugar industry

   Top Stories
» ECLGS 2.0 now covers SMA-1 borrowers
» Forex reserves up by over $4 bn
» Industry seeks reimposition of bankruptcy moratorium
» 'Govt should regulate cryptocurrencies, not ban them'
» Startups new champions of Aatmanirbhar Bharat: Goyal
SME Times News Bureau | 05 Apr, 2013
The Indian government Thursday decided to decontrol the Rs.80,000 crore (around $15.5 billion) sugar industry in line with the suggestions of a panel headed by C. Rangarajan, the chairman of the prime minister's economic advisory council.

"There will be no levy on sugar for two years. There will be no change in the PDS price of sugar. There will be no burden on the consumer," Food and Consumer Affairs Minister K.V. Thomas told reporters after the cabinet committee on economic affairs (CCEA), headed by Prime Minister Manmohan Singh, cleared the proposal that seeks to balance the interests of farmers and mills.

Information and Broadcasting Minister Manish Tewari said the gap between the provisional cap on Rs.32 per kg issue price of sugar under the Public Distribution System and the market price will increase the subsidy burden from around Rs.2,500 crore to Rs.5,000 crore.

"We have taken the burden to protect the farmers and the consumers," said Thomas.

According to Thomas, the existing sugar export policy will continue.

The CCEA took the decision in the light of the Rangarajan panel report submitted to the government last October.

The expert panel had recommended lifting all controls on the sugar industry, among the most regulated sectors in India.

India is the world's second largest producer of sugar at nearly 340 million tonnes and the annual output is worth around Rs.80,000 crore (around $15.5 billion).

The livelihood of 50 million farmers depends on the industry, which employs 500,000 people directly at the mills.
Print the Page Add to Favorite
Share this on :

Please comment on this story:
Subject :
(Maximum 1500 characters)  Characters left 1500
Your name:

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 58.85 56.85
As on 17 Apr, 2021
  Daily Poll
COVID-19 has directly affected your business
 Can't say
  Commented Stories
» Covid second wave: Lockdown or no lockdown(2)
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter