June 6, 2018 / 8:10 AM / a year ago

Cabinet approves bailout package for sugar sector: government source

FILE PHOTO: A trader speaks on his mobile phone as he waits for customers at a sugarcane wholesale market in Kolkata, India May 2, 2018. REUTERS/Rupak De Chowdhuri/File photo

NEW DELHI (Reuters) - India’s cabinet approved a bailout package for the sugar sector, a government source said on Wednesday after a cabinet meeting chaired by Prime Minister Narendra Modi, to help struggling mills and cane growers.

Food Minister Ram Vilas Paswan on Tuesday said the government would announce support measures to cut a growing sugar surplus and prop up local prices, a move aimed at helping loss-making mills and millions of cane growers who make up a key voting bloc.

Reporting by Mayank Bhardwaj; Editing by Malini Menon

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