GoM okays Rs 7200cr interest-free loan to bail out sugar mills

December 06, 2013 16:43

An informal group of ministers, headed by Agriculture Minister Sharad Pawar, today recommended a slew of incentives to the sugar industry, including 12 per cent interest subsidy on Rs 7,200 crore loan that mills can avail of from banks for paying cane farmers.

The PM-constituted panel also recommended loan recasting for mills as per the Reserve Bank norms, incentives for production for raw sugar of up to 4 million tonnes and setting up of buffer stock besides doubling ethanol-blending in petrol to 10 per cent.

The panel, however, ruled out an immediate hike in sugar import duty.

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