September 26, 2018 / 9:34 AM / 22 days ago

Cabinet approves raising production assistance for cane farmers

NEW DELHI (Reuters) - India’s cabinet on Wednesday approved raising the price the government directly pays to cane growers to 138 rupees ($1.90) a tonne in the new season beginning October 2018, Finance Minister Arun Jaitley said.

A trader eats a sugarcane as he waits for customers at a sugarcane wholesale market in Kolkata, India June 6, 2018. REUTERS/Rupak De Chowdhuri/Files

Reuters earlier reported that the cabinet of Prime Minister Narendra Modi was set to raise cane farmers’ production assistance to 138 rupees a tonne in the 2018/19 season, up from 55 rupees in the current season.

On Wednesday, Modi’s cabinet approved other incentives to encourage cash-strapped mills to export sugar in the 2018/19 season, as part of efforts to trim bulging stocks at home.

($1 = 72.63 rupees)

Reporting by Mayank Bhardwaj; Editing by Malini Menon

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