Rs 7,000-crore bailout package for sugarcane farmers
New Delhi, June 6: The Cabinet on Wednesday approved a Rs 7,000-crore bailout package and set the minimum selling price for sugar at Rs 29 per kg to support the struggling sector, a Union Minister said.
"In order to remove the problem of liquidity of sugar mills resulting in accumulation of huge cane price arrears of farmers, the Union Cabinet chaired by Prime Minister Narendra Modi has approved ... measures involving total amount of about Rs 7,000 crore," Union Minister for Law, Justice and IT Ravi Shankar Prasad said.
The decision of Cabinet Committee on Economic Affairs (CCEA) comes as excess production in the current sugar season has depressed its market price, adversely affecting the liquidity position of sugar mills leading to accumulation of Rs 22,000-crore dues to the farmers.
The package comprises Rs 1,175 crore for creating a 30 lakh MT buffer stock, Rs 4,440 crore as soft loan for mill owners to increase ethanol production capacity to divert surplus sugarcane and Rs 1,332 crore towards interest subvention for the loan, the Cabinet said in a note.
"...government will bear interest subvention of maximum Rs 1,332 crore over a period of five years including moratorium period of one year on estimated bank loan amounting to Rs 4,440 crore to be sanctioned to the sugar mills by the banks over a period of three years," it said.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
"Will expose BJP on Waqf issue," says Karntaka Deputy CM DK Shivakumar
Bengaluru, Nov 16: Karnataka Deputy Chief Minister D K Shivakumar on Saturday said his party would expose the BJP on the Waqf issue as changes in revenue records favouring the Waqf Board were effected only during the Saffron party's regime.
While the BJP is all set to mount pressure on the Congress government by holding a mega protest and a month long march on the Waqf issue, Shivakumar claimed that during its tenure, the BJP regime started changing the revenue records of rights, tenancy and crops in favour of the Waqf Board and many properties also were transferred in the name of that board.
The BJP's opposition on the matter was "foolishness" as the government had all the related documents to pin them down, the Deputy CM told reporters. “We will expose them," he asserted and added that they came to know such aspects only later. Also, the issue did not get into public domain as everyone was busy with the recent elections.
ALSO READ: Cong govt ordering probe into Covid-19 handling during BJP regime has malafide intent: Yediyurappa
From November 25 to December 25, the BJP will be on protest mode against 'Waqf notices' to farmers, individuals and institutions.
After the Waqf controversy started raging in the state, Chief Minister Siddaramaiah announced withdrawing all the notices served to farmers, individuals and institutions.
The two factions of the BJP, led by its state chief B Y Vijayendra and the other by Vijayapura MLA, Basanagouda Patil Yatnal have decided to take on the Congress government on the Waqf issue separately.
Vijayendra has planned a mega agitation at Belagavi during the winter session of the legislature and the Yatnal faction would take out a month long march from Bidar in north Karnataka to Chamarajanagar in the south.
