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Dantewada: Goods train derailed, Naxal hands suspected        Never planned to meet Railway Minister Piyush Goyal in Delhi: Kerala CM Pinarayi Vijayan        GST rides on federalism: Narendra Modi        15 Killed, 10 Injured as Tractor-trolley Falls Into Canal in Telangana        Saudi Arabia's ban on women driving ends officially        White House spokesperson Sanders says she was kicked out of restaurant        Germany: Huge explosion rips through apartment building, leaves 25 injured        Hat-trick hero Kane helps England reach knockouts after beating Panama 6-1        Roger Federer loses No.1 spot as Borna Coric stuns him in Halle Open final        Federer beats Kudla to reach 12th Halle final        Hockey: Clinical India crush Pakistan 4-0 in CT opener        Infosys stable and on verge of something momentous: Nilekani        Boko Haram raid kills five in Nigeria: residents        Musharraf says he has not quit politics        AP will be torn apart if 'monkey gangs' come to power: CM        Congress neglected development of cities: PM        BJP will not allow Kashmir to get disintegrated from India: Shah        Wary of hacks, World Cup teams get serious on cybersecurity        You pass YoYo test, you play for India, says Shastri, Kohli endorses        Prof Debashis Chatterjee assumes charge as Director of IIM-K        
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Business News
Cabinet approves bailout package for sugar industry
 
(New Delhi, June 07, 2018): In a move aimed at helping loss-making mills and millions of cane growers, the Union Cabinet, chaired by PM Narendra Modi, on Wednesday approved a Rs 7,000 crore bailout package for the sugar industry.

This includes creation of buffer stock of 30 LMT of sugar for one year and to incur estimated expenditure of Rs 1175 crore for this purpose. "The reimbursement under the scheme would be made on quarterly basis which would be directly credited into farmers’ account on behalf of mills against their cane price dues," an official statement said.

Cabinet has also decided to set the minimum selling price at Rs 29 per kg which can be revised by DFPD subsequently based on revision of FRP. Government will put in place a mechanism to ensure that the retail prices of sugar are kept fully under control. At present, this would be done along with imposition of stock holding limits on sugar mills. The stock limit on mills will be initially imposed for the current sugar season (up to September 2018), which may be reviewed by DFPD at any time.

A bailout package has been worked out as sugar mills' financial health has worsened due to sharp fall in prices following a record sugar production of over 31.6 million tonnes so far in the 2017-18 marketing year (October-September).

Last month, the government had announced a Rs 1,500 crore production-linked subsidy for sugarcane farmers to help millers pay cane payments.

Presently, the average ex-mill price of sugar is in the range of Rs 25.60-26.22 per kg, which is below the cost of production.

The Centre has already doubled sugar import duty to 100 per cent and scrapped export duty to check sliding domestic prices. It has also asked mills to export 2 million tonnes of sugar.


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INTERNATIONAL NEWS
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NATIONAL NEWS
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 (Dantewada, June 24, 2018):Eight coaches and engine of a goods train travelling through Dante
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