The Cabinet Committee on Economic Affairs, CCEA has approved the creation of buffer stock of 40 lakh Metric Tonnes of sugar for one year from the 1st of next month.

Briefing reporters after the Cabinet meeting in New Delhi, Information and Broadcasting Minister Prakash Javadekar said, the decision will lead to an improvement in the liquidity in sugar inventories and stabilization in sugar prices. He said, this will also benefit all sugarcane producing states by way of clearing sugarcane price arrears of sugar mills.

CCEA also approved the determination of Fair and Remunerative Price of sugarcane payable by sugar mills for 2019-20 sugar season at 275 rupees per quintal for a basic recovery rate of 10 per cent. Mr Javadekar said, this will ensure the guaranteed price to cane growers.

The Fair and Remunerative Price of sugarcane is determined under the Sugarcane (Control) Order, 1966. This will be uniformly applicable all over the country. The determination of fair price will be in the interest of the sugarcane growers keeping in view their entitlement to a fair and remunerative price for their produce.

Union Cabinet also cleared the merger of National Institute of Miners’ Health with ICMR – National Institute of Occupational Health.

Mr. Javadekar said, this will be beneficial for both institutes and it is another example of maximum governance and minimum government. He said, this will help both the institutes in terms of enhanced expertise in the field of occupational health besides efficient management of public money.

The Cabinet also approved sale of 481.79 acres of land held by Fertilizers and Chemicals Travancore Limited, FACT to the Government of Kerala and utilization of the sale proceeds by FACT.

Mr Javadekar said, the decision will help the company in reducing bank borrowings and implementing projects for enhancing fertilizers production capacity and upgrading logistics and raw materials.