New Delhi: Prime Minister Narendra Modi emphasized his government’s unwavering commitment to the well-being of farmers, highlighting a significant increase in the price of sugarcane as a pivotal step in this direction. Through posts on social media platform X, he underscored various decisions taken by the Union Cabinet during its meeting on Wednesday.
The Cabinet, chaired by PM Modi, approved a notable rise in the minimum price that sugar mills must pay to sugarcane growers, elevating it by ₹25 to ₹340 per quintal for the upcoming 2024-25 season, commencing in October.
An official statement following the decision emphasized, “The new Fair and Remunerative Price (FRP) will contribute to the prosperity of sugarcane farmers. Despite India already offering the highest price for sugarcane globally, the government remains committed to ensuring affordable sugar for domestic consumers.”
In addition to the sugarcane price hike, PM Modi welcomed other decisions made by the Cabinet, particularly regarding the National Livestock Mission. He highlighted the mission’s potential to create opportunities for entrepreneurs while enhancing fodder production and breed conservation efforts.
Among the modifications to the National Livestock Mission, the government announced a 50 per cent capital subsidy for individuals and organizations venturing into horse, donkey, mule, and camel entrepreneurship.
Furthermore, the government eased Foreign Direct Investment (FDI) regulations within the space sector, permitting 100 per cent overseas investment in satellite component manufacturing. This move aims to attract international players and private entities to participate in the sector.
PM Modi lauded this development, stating, “Pioneering new avenues for growth and innovation! Our government’s revision of the FDI policy in the space sector opens doors to a myriad of opportunities.”
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