New Delhi, Feb 22: Prime Minister Narendra Modi reiterated his government’s dedication to farmers’ welfare, citing a “historic” increase in sugarcane prices as a significant step towards fulfilling this commitment. In a series of posts on social media platform X, he emphasized the benefits of this move for millions of sugarcane farmers, alongside highlighting various decisions taken by the Union Cabinet on Wednesday.

During the Cabinet meeting chaired by Modi, the minimum price payable to sugarcane growers by mills was raised by Rs 25 to Rs 340 per quintal for the 2024-25 season, commencing from October. An official statement following the decision emphasized that the new Fair and Remunerative Price (FRP) would bolster the prosperity of sugarcane farmers, noting that India already offers the highest price for sugarcane globally while ensuring affordable sugar for domestic consumers.

Addressing other Cabinet decisions, Modi applauded the move related to the National Livestock Mission, foreseeing promising opportunities for entrepreneurs and significant advancements in fodder production and breed conservation. The government expanded the scope of the National Livestock Mission by incorporating various activities and providing a 50 per cent capital subsidy to individuals and organizations venturing into horse, donkey, mule, and camel entrepreneurship.

Additionally, the government relaxed Foreign Direct Investment (FDI) norms in the space sector by permitting 100 per cent overseas investment in satellite component manufacturing, aiming to attract international players and private companies into this domain. Modi commended this decision, stating, “Charting new orbits for growth and innovation! Our government has updated the FDI policy in the space sector, paving the way for a galaxy of opportunities.”