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  • End Session Commentary - Detailed News

Agri Buzz: Cabinet Approves Soft Loans To Sugar Mills To Facilitate Payment Of Cane Dues
01-Mar-19   17:23 Hrs IST

The Cabinet Committee on Economic Affairs (CCEA) chaired by the Prime Minister has approved the proposal to provide soft loans to the extent of about Rs 7900-10540 crore to the sugar industry to help the sugar industry to clear its cane dues arrears. Government will bear the interest subvention cost of 7 - 10% to the extent of Rs 553 crore to Rs 1054 crore for one year.

To ensure that farmers are paid their dues expeditiously, the Government has mandated that banks will obtain from the sugar mill, the list of farmers with bank account details to the extent cane dues are to be paid, so that the same are directly paid into the accounts of the farmers on behalf of the sugar mills. Subsequent balance if any, will then be credited into the mill's account.

Furthermore, in order to incentivize the mills to clear their dues, CCEA has also decided that the approved soft loans will be provided to those units which have already cleared at least 25% of their outstanding dues in the sugar season 2018-19.

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