PM-appointed panel favours lifting curbs on sugar sector
Friday October 12, 2012 02:57:11 PM,
IANS
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New Delhi: An expert
panel appointed by Prime Minister Manmohan Singh Friday suggested
withdrawal of curbs on sugar sector, allowing millers to sell the
produce in the open market and sharing of revenue with cane
growers.
The committee, headed by the Prime Minister's Economic Advisory
Council chairman C. Rangarajan, called for scrapping of levy sugar
system, under which it is mandatory for the sugar mills to sell 10
percent of their output to the government for supply to the poor
at subsidised rates.
"The levy quota system is leading to unnecessary losses to the
sugar mills. Our recommendation to the government is that sugar
for the public distribution system should be bought from the open
market," Rangarajan said at a press conference after submitting
the report to the prime minister here.
Rangarajan said the panel has recommended scrapping of
state-declared cane prices.
The panel has recommended revenue sharing mechanism, under which
70 percent of the proceeds should go to sugarcane farmers.
The latest move of withdrawing curbs from sugar sector follows a
series of economic reform measures announced by the central
government in the last few weeks.
Recently the government decided to allow foreign direct investment
in multi-brand retail and hiked diesel price, in a bid to cut
budget deficit. The government has also proposed to hike FDI limit
in insurance sector.
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