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October 2018
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Virat Kohli And Team India Gear Up For 1st ODI vs Windies With A Game Of Keepy-Uppy        Shuttler Srikanth out; Saina in final of Denmark Open        Amritsar tragedy: Women, children among 61 killed as rushing trains crush Dussehra revellers        Rahul Gandhi calls on Sri Lankan PM        Top Afghan Police Chief Killed In Shooting, US General Unhurt        Putin says IS seized 700 hostages in Syria; executing some        Ten-wicket Abbas destroys Australia for Pakistan's series win        Vijayan urges UAE Keralites to back salary challenge        Japan introduces Artificial Intelligence technology to ease business        Reliance Industries posts net profit of Rs 9516cr in Q2        ISL: Super-sub Maimouni Hands ATK First Win        Chris Morris returns for Australia tour        PCB chief urges Australia to return to Pakistan        Sri Lankan President assured of "fullest cooperation" by PM Modi        VP Naidu arrives in Brussels for 12th ASEM Summit        In Turkey, Pompeo discusses Iranian oil consumption, Khashoggi's disappearance        PNB Scam: ED seizes more assets of Modi, Choksi        Andhra CM visits cyclone-hit areas in Srikakulam        #MeToo fallout: MJ Akbar resigns as minister of state for external affairs        SC writ fails in Sabarimala, not a single young woman allowed by protesters        
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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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