The Union Cabinet Committee on Economic Affairs has hiked the fair and remunerative price (FRP) of sugarcane by Rs 10 per quintal to ______ for the 2023-24 season that will start from October.

Solution

The Union Cabinet Committee on Economic Affairs has hiked the fair and remunerative price (FRP) of sugarcane by Rs 10 per quintal to Rs 315 for the 2023-24 season that will start from October. The increase in FRP last year was of Rs 15 per quintal.     For every 0.1 per cent rise in recovery over 10.25 per cent, a premium of Rs 3.07 per quintal will have to be paid to the farmer, while for every 0.1 per cent reduction in recovery below 10.25 per cent, FRP payable will be lowered by Rs 3.07 per quintal.    However, to protect the interest of farmers — especially those who don’t have very high yielding varieties —the Centre has decided to fix a price of Rs 291.75 per quintal for 9.5 per cent recovery and there shall not be any deduction below the same.