India Business Journal - Rs 3,500-cr sugar export subsidy in 2020-21

INDUSTRY

Rs 3,500-cr sugar export subsidy in 2020-21

IBJ Bureau
Dec 31, 2020

The Union Cabinet has approved an assistance of Rs 3,500 crore for export of 6 million tonnes of sugar in the current marketing year through September 2021. The move is aimed at cutting a glut in the domestic market. This subsidy amount will be directly credited into the accounts of cane farmers against outstanding dues of mills. The Cabinet has also cleared an allocation of Rs 5,361 crore towards subsidy for the last marketing year (2019-20), when it had announced an export assistance of Rs 10,448 per tonne. The move will benefit about 5 crore farmers and 5 lakh workers.