The Cabinet Committee on Economic Affairs (CCEA) on Wednesday (16 December 2020) approved assistance of about Rs 3,500 crore for sugarcane farmers.

Farmers sell their sugarcane to the sugar mills, however the farmers are not getting their dues from the sugar mill owners as they have surplus sugar stock. To address this concern, the government will be facilitating the evacuation of surplus sugar stock. This will enable payment of dues of the sugarcane farmers. The government will also incur about Rs 3,500 crore for this purpose, and this assistance would be directly credited into farmers' accounts on behalf of sugar mills against cane price dues and subsequent balance, if any, would be credited to mill's account.

Currently, there are close to five crore sugarcane farmers (Ganna Kisan) and their dependents in India. In addition to this, there are about five lakh workers employed in the sugar mills and ancillary activities; and their livelihood depends on the sugar industry.

This subsidy aims at covering expenses on marketing costs including handling, upgrading and other processing costs and costs of international and internal transport and freight charges on export of up to 60 LMT of sugar limited to Maximum Admissible Export Quota (MAEQ) allocated to sugar mills for sugar season 2020-21.

This decision will benefit the five crore sugarcane farmers and their dependents, as well as the five lakh workers employed in the sugar mills and related ancillary activities.

Among sugar stocks, Rana Sugars (up 3.41%), Simbhaoli Sugars (up 3.01%), Shree Renuka Sugars (up 1.72%), E.I.D. Parry (India) (up 1.35%) and Sakthi Sugars (up 0.37%) advanced on Wednesday.

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Net profit of Rana Sugars rose 249.90% to Rs 66.83 crore in the quarter ended September 2020 as against Rs 19.10 crore during the previous quarter ended September 2019. Sales declined 28.81% to Rs 142.46 crore in the quarter ended September 2020 as against Rs 200.10 crore during the previous quarter ended September 2019.

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Rana Sugars will hold a meeting of the Board of Directors of the Company on 12 November 2020.

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Rana Sugars announced that the Annual General Meeting (AGM) of the company will be held on 30 September 2020.

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