Cabinet approves change in sugarcane pricing norms

The Cabinet Committee on Economic Affairs (CCEA) has approved a change in the fair and remunerative price of sugarcane payable by sugar mills for the 2015-16 sugar season to be fixed at Rs 230/- per quintal. 

The Cabinet said that this will be linked to a basic recovery rate of 9.5%, subject to a premium of Rs 2.42 per quintal for every 0.1 percentage point increase in recovery above that level. 

It further said that this decision will ensure a guaranteed price to cane growers.