New Delhi, Sep 12: In a big decision today, Union Petroleum and Skill Development Minister Dharmendra Pradhan on Wednesday said that the Cabinet has approved ethanol price increment by 25 per cent. This move is expected to help the sugar mills divert their production to the manufacturing of ethanol from sugar. The sugar industry has witnessed a crash in sugar price due to over-production recently.
The cabinet has approved a new procurement policy under which one scheme will focus on compensating oilseeds farmers if rates fall below the MSP, and another will allow states to rope in private players for procurement, PTI reported sources said Wednesday.
Pradhan also said,''Because of the subsidies, there will be new investments and technologies. We are expecting that in the next 10 years there will be an increase in production by Rs. 50 lakh crore.''
Beside this, the Union Cabinet also approved New Umbrella Scheme 'Pradhan Mantri Annadata Aay Sanrakshan Abhiyan' (PM-AASHA).
Railway Minister Piyush Goyal said that the Cabinet Committee On Economic Affairs approved electrification of remaining un-electrified broad gauge routes of Indian Railways.