Centre's relief package for sugar sector likely in September

Union Government is all set to approve the much awaited relief package for sugar Sector. Top sources told Zee Business that since the season for sugar starts in October, any kind of relief package is advisable to be rolled out in August or September. 

An estimated amount of Rs 10,000 to 12,000 crores is being considered by government which will include a lot of aspects. Hike in MSP for Sugar to Rs 33 from Rs 31 will be a part of the package, increase in export quota of sugar will also provide relief to the companies. Officials say that in the package the government may allow companies to export 65-70 lakh Metric Ton of sugar which is 55-60 lakh metric ton.

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शुगर कंपनियों के लिए बड़ी खबर-
शुगर सेक्टर के लिए 10-12 हजार करोड़ का राहत पैकेज इसी महीने संभव!
सरकार चीनी मिलों को देगी सॉफ्ट लोन...@BhutaniChetan @AnilSinghvi_ #SugarSector pic.twitter.com/992nfqwUCh

— Zee Business (@ZeeBusiness) September 1, 2020

 Government will also provide soft loans to sugar mills under the package.

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Sources said that the Ministry of Consumer Affairs, Food & Public Distribution has very carefully heard the demands of the industry and deliberated in detail to give maximum support to the sector. The buffer stock which the union Government purchases from the sugar companies will also see an extension as the scheme expired in July 2020.

by Chetan Bhutani