PUNE: A sub-committee on the state cabinet decided to fix the fair and remunerative price (FRP) declared by the central government as the first advance of cane payment for the sugar year starting October 2011.
The state is expected to crush record sugar cane in the next sugar season. In the current sugar year, the state has crushed record sugar cane and produced about 91 lakh tonne sugar. In the next crushing season, the state is expected to crush 825 lakh tonne cane and produce 93 lakh tonne sugar, both of which would be a record.
As the sugar prices are ruling low, the Maharashtra State Co-operative Bank has put a condition on the co-operative sugar mills in the state to pay pay only the FRP as the first advance of cane payment in order to avail bank loan. The sub-committee of the state cabinet confirmed this decision of the Bank.
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