NEW DELHI, June 28 (Xinhua) -- The Indian government on Wednesday announced the highest-ever fair and remunerative price (FRP) of 315 Indian Rupees (3.84 U.S. dollars) per quintal for sugarcane crops.
The decision was made based on recommendations from the Commission for Agricultural Costs and Prices in consultation with state governments and stakeholders, said an official statement issued by the Cabinet Committee on Economic Affairs.
It further stated that the FRP will be effective from Oct. 1, 2023, for the sugar season 2023-24.
The statement emphasized the significance of the sugar sector, which supports millions of sugarcane farmers, their dependents, and numerous workers across related industries. In the current sugar season, sugar mills purchased 33.5 million tons of sugarcane worth 1.11 trillion Indian Rupees.
The statement also highlighted India's growing role as a major player in the global sugar economy, as it became the largest sugar producer in the 2021-22 season and is expected to rank third in ethanol production by 2025-26. ■
