India will provide export support of Rs 13.88 per 100 kg of sugarcane to sugar mills in a bid to boost exports, BloombergQuint has reported. The support provided by the government prior to this raise was Rs 5.5 and the new rates will kick in from 1 October. According to BloomberQuint sources, the government is also planning to reimburse transport expenses of Rs 1,000 to Rs 3,000 per ton. .
However, the food ministry’s spokeswoman has refused to comment on the report. The hike in export support, if implemented, will lead to higher rural incomes in case of a bumper harvest and help in boosting exports. Higher cane prices had influenced farmers to grow higher yield variety (HYV) of sugarcane, according to the director- general of the Indian Sugar Mills Association, Abinash Verma.
The Cabinet Committee On Economic Affairs (CCEA) was expected to take up the matter on Wednesday. However, the issue was skipped in the recent meeting. The matter may be taken up next week, according to a report by MoneyControl.
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