India approves subsidy for sugarcane growers
Indian cabinet approved a proposal to give subsidies to cane farmers for produce they sell to sugar mills, a government source said, as part of efforts to help growers and companies struggling with a glut.
It is reported by Reuters.
Prime Minister Narendra Modi's administration decided to give 55 rupees ($0.82) for every tonne of cane sold to the mills.
As a drop in local sugar prices to their lowest level in 28 months made it difficult for mills to pay farmers mandatory cane prices, a panel of ministers last month backed plans to give financial support to cane growers.