Sugar Industry seeks Extension on Export Incentive Schemes

New Delhi, Jan 31: The Indian Sugar Mills Association (ISMA), while on the current sugar situation of the country on Friday demanded that the Centre should soon extend subsidy on exports of at least 2 million tonnes of raw sugar as it is reeling under debts of over 36000 crore rupees.

They also demanded a restructure of the borrowings in order to enable mills to clear mounting arrears to the cane farmers.

The association informed that all-India cane arrears have already reached 11000 crore rupees. They expressed fear that if corrective measures are not taken, then the figure can cross over the last year's peak of 13000 crore rupees.

"We need very quickly an export incentive scheme that is done last year to be continued this year. Already it has been delayed. I know our Government is working on it, but we really need this to be cleared by the Cabinet at the earliest because there is hardly one and a half to two months left for cutting and we can only export raw materials", said Vellayan, ISMA President. 

"What we would urge the government is that they need to pay attention to this industry in terms of the structural aspects on how FRP is fixed, how SAP is fixed by some states", Vellayan added.


Odisha govt to set up Information Technology Investment Region

Bhubaneswar: Odisha Chief Minister Naveen Patnaik on Thursday said the government has proposed to set up an Electronics System Design and Manufacturin...

India growth story credible; GDP to grow at 7.3% in FY19: World Bank

New Delhi: The World Bank on Wednesday said that Indian economy is "credible" and expected to grow at 7.3 percent in FY 2018-19 and 7.5 percent in FY ...

PNB scam fallout: RBI bars banks from issuing LoUs, LoCs

Mumbai: RBI has barred banks from issuing guarantees in the form of letters of undertaking (LoU) as it clamped down on the import financing route used...

SBI reduces charges on non-maintenance of minimum balance

Mumbai: The State Bank of India today reduced its charges on non-maintenance of an average monthly balance (AMB) in savings account by up to 75 per ce...