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Cabinet approves over Rs 6k cr sugar export subsidy
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SME Times News Bureau | 28 Aug, 2019
The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved a
sugar export subsidy for the 2019-20 (October-September) sugar season
which would cost the government exchequer Rs 6,268 crore.
Speaking
to reporters here after the cabinet meeting, Union Minister for
Environment and Climate Change, Prakash Javadekar, said that the CCEA
has approved an export subsidy of Rs 10,448 per metric tonne (MT) and
the subsidy would be directly credited to the farmer's account on behalf
of the mills against cane price dues. Any subsequent balance would be
credited to the mill's account.
The subsidy is in compliance with the World Trade Organization (WTO) norms, the government clarified.
"The
lumpsum sugar subsidy will be provided on the expenses on marketing
costs, including handling, upgrading and other processing costs, costs
of international and internal transport and freight charges on export of
up to 60 lakh metric tonne of sugar limited to Maximum Admissible
Export Quantity (MAEQ) allocated to sugar mills for the sugar season
2019-20," an official statement said.
In the wake of surplus
sugar production during the 2017-18 and 2018-19 sugar seasons, the
ensuing sugar season of 2019-20 is expected to commence with an opening
stock of 142 lakh MT.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
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UK Pound
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Euro
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75.65 |
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