Govt fixes Statutory Minimum Price of sugarcane at Rs 80.25

New Delhi, Aug 3 (UNI) The Government today fixed the statutory Minimum Price (SMP) of Sugarcane for 2006-07 sugar season at Rs 80.25 per quintal, which is Rs 0.75 above the price fixed in the last sugar season.

The rate has been fixed for a basic recovery point of nine per cent subject to a premium of Rs 0.90 for recovery of 0.1 percentage point increase in the recovery above that level, Finance Minister P Chidamabaram told reporters after the meeting of the Cabinet Committee on Economic Affairs.

The SMP in 2004-05 sugar season was Rs 74.50 with basic recovery percentage of 8.5, and the price in 2003-04 was Rs 73.00 with the basic recovery rate of the preceding season.

The SMP of sugarcane is fixed on the basis of recommendation of the Commission for Agricultural Costs and Prices(CACP).

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