Sharad Pawar urges PM to rescue sugar industry

Sharad Pawar urges PM to rescue sugar industry

Agency News

Mumbai, May 16: Nationalist Congress Party (NCP) president Sharad Pawar on Friday sought Prime Minister Narendra Modi's intervention in rescuing the sugar industry, which has been reeling under crisis caused by the unprecedented lockdown across the country in the wake of Covid-19 pandemic.

In a letter to Modi, he has attached a detailed letter of president of the Maharashtra State Cooperative Society. Mentioning that the sugar industry was in crisis even before the lockdown, Pawar expressed concern about rising cases of corona in the country and particularly Maharashtra and hoped that the Prime Minister would take some crucial decisions regarding provision of funds for export incentive allowance and reserve stocks pending from 2018-19 and 2019-20.

The former Union Agriculture Minister demanded increase of the guaranteed price for sugar from Rs 3,450 to Rs 3,750 per tonne and also give an average subsidy of Rs 650 per tonne for sugarcane crushed in last two years.

He also suggested that banks should make provision for financing of ethanol projects, launched under the interest subsidy scheme on capital expenditure, announced by the central government in 2018, to revive the sugar industry. (UNI)