Cane price hiked amidst government's commitment to fulfill its pledge for farmer's welfare: PM Modi

Prime Minister Narendra Modi on February 22 affirmed government's commitment to farmers' welfare, citing a "historic" increase in sugarcane prices as evidence of their commitment. 

In a series of posts on social media platform X, he highlighted key decisions made during the Union Cabinet meeting on Wednesday.

The Cabinet, led by Modi, approved a significant raise in the minimum price for sugarcane growers, increasing it by Rs 25 to Rs 340 per quintal for the upcoming 2024-25 season starting in October. The decision aims to benefit millions of sugarcane farmers across the country.

An official statement emphasized that the new Fair and Remunerative Price (FRP) would contribute to the prosperity of sugarcane farmers. Despite already paying the highest sugarcane prices globally, the government ensures affordable sugar for domestic consumers.

In response to other Cabinet decisions, Modi highlighted the National Livestock Mission's modification, foreseeing exciting opportunities for entrepreneurs, particularly in fodder production and breed conservation. The government amended the mission to include various activities and provide a 50 percent capital subsidy for establishing horse, donkey, mule, and camel entrepreneurship.

Furthermore, the government eased Foreign Direct Investment (FDI) norms in the space sector, allowing 100 percent overseas investment in satellite component manufacturing. Modi praised this move, stating it would open new avenues for growth and innovation in the space sector.

The series of decisions reflects the government's proactive approach to address farmers' concerns, stimulate entrepreneurship in the livestock sector, and attract foreign investment for space sector development.