Yogi Cabinet decides to give Rs 4,000 crore cheaper loans to sugar mills

Lucknow: Uttar Pradesh Government has decided to provide Rs 4,000 crore loan to the state sugar mills on easy terms through nationalized and other banks. Chief Minister Yogi Adityanath told reporters after the Cabinet meeting on Tuesday that in view of ensuring full and speedy payment of cane farmers’ outstanding sugarcane value of the crushing season 2016-17 and 2017-18, the private sugar mills of the state are nationalized and other banks The proposal to provide cheap loans of Rs 4000 crore has been approved.

Yogi said that budgetary provision of 4000 crores has been made through supplementary grants for easy loan for payment of outstanding cane value. The amount of sugar mills will be found through banks, which will be deposited in the bank accounts of sugarcane farmers directly through RTGS / NEFT. He said that the proposal for providing financial assistance of Rs.500 crores to sugar mills has been approved to provide sugarcane rate of Rs 4.50 per quintal to ensure sugarcane purchase of sugarcane farmers in the purchase of sugarcane season 2017-18. This amount will be deposited in the accounts of sugar cane farmers.