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 impose 25 per cent tariff on all imports from Canada, Mexico: Trump
Washington (PTI): US President-elect Donald Trump has said that he will impose a 25 per cent tariff on every product coming from Canada and Mexico as one of his first actions after assuming office on January 20.
In a post on his Truth Social platform on Monday, he said the tariff would remain in place till the time borders with Mexico and Canada are closed to prevent illegal immigration into the US.
"As everyone is aware, thousands of people are pouring through Mexico and Canada, bringing Crime and Drugs at levels never seen before. Right now, a Caravan coming from Mexico, composed of thousands of people, seems to be unstoppable in its quest to come through our currently Open Border,” Trump said.
"On January 20th, as one of my many first Executive Orders, I will sign all necessary documents to charge Mexico and Canada a 25% Tariff on ALL products coming into the United States, and its ridiculous Open Borders.
"This Tariff will remain in effect until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country! Both Mexico and Canada have the absolute right and power to easily solve this long simmering problem," he said.
"We hereby demand that they use this power, and until such time that they do, it is time for them to pay a very big price," Trump said.
