July 18, 2018 / 11:15 AM / 5 months ago

India raises 2018/19 sugar cane floor price by 7.84 percent - minister

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

NEW DELHI (Reuters) - Indian cabinet has approved raising the price that sugar mills must pay for cane in the next season beginning Oct. 1, to 275 rupees ($4.01) per 100 kg, up from 255 rupees a year earlier, a minister said on Wednesday.

The government raises the floor price for cane every year, but Uttar Pradesh state, the country’s top cane producer, invariably raises the floor price further to woo million of cane growers, an influential voting bloc.

($1 = 68.6200 Indian rupees)

Reporting by Mayank Bhardwaj; Editing by Malini Menon

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