Sugarcane price hike shows govt committed to fulfilling its pledge for farmers' welfare: PM Modi

Prime Minister Narendra Modi. Pic/PTI

Prime Minister Narendra Modi on Thursday underlined his government's commitment to fulfilling its pledge for the welfare of farmers, asserting that a "historic" sugarcane price hike is part of such efforts, reported news agency PTI.

This will benefit crores of sugarcane farmers, he said in a series of posts on X, highlighting several decisions taken by the Union Cabinet on Wednesday.

The Cabinet meeting headed by Modi hiked the minimum price that mills have to pay to sugarcane growers by Rs 25 to Rs 340 per quintal for the 2024-25 season starting October.

An official statement had said after the decision, of sugarcane price hike, "The new FRP will ensure prosperity of sugarcane farmers. It is noteworthy that India is already paying the highest price of sugarcane in the world and despite that the government is ensuring the world's cheapest sugar to domestic consumers," reported PTI.

Reacting to other Cabinet decisions, he said the step taken by it relating to the National Livestock Mission will bring exciting opportunities for entrepreneurs alongside major boosts in fodder production and breed conservation.

The government on Wednesday modified the National Livestock Mission by including various activities and providing 50 per cent capital subsidy to individuals and organisations for establishing horse, donkey, mule, and camel entrepreneurship, reported PTI.

The government on Wednesday also eased Foreign Direct Investment (FDI) norms in the space sector by allowing 100 per cent overseas investment in making components for satellites, as part of efforts to attract overseas players and private companies into the segment, reported PTI.

Lauding this, PM Modi said, "Charting new orbits for growth and innovation! Our government has updated the FDI policy in the space sector, paving the way for a galaxy of opportunities."

Meanwhile, Prime Minister Narendra Modi on Thursday gave the target of making GCMMF, which owns Amul brand, the number one dairy company in the world from its current eighth position, reported PTI.

The PM was speaking at the golden jubilee celebration of the Gujarat Cooperative Milk Marketing Federation (GCMMF), which markets its products under the brand 'Amul', at the Narendra Modi stadium, reported PTI.

"While the global dairy sector is developing at 2 per cent per annum, India's dairy sector is developing at 6 per cent," PM Modi said.

"Today Amul (GCMMF) is the eight largest dairy company in the world, your target is to make it number one, the government will give all its support. This is Modi's guarantee," he said, reported PTI.

Addressing thousands of members of the co-operative dairy union who had come from all over the state, Modi said after India's independence many brands were created, but none of them is like 'Amul', reported PTI.

PM Modi also said that the contribution of women is paramount in the development of the country's dairy cooperative movement.

(With inputs from PTI)