Sharad Pawar writes to PM Modi, wants urgent relief measures for crisis-hit sugar industry

Amid the worsening Coronavirus crisis, NCP chief Sharad Pawar has written to Prime Minister Narendra Modi urging him to announce a bailout package for the sugar industry. Taking to Twitter on Thursday, the NCP chief said that he has sent a letter from the Chairman of Maharashtra State Co-op. Sugar Factories Federation Ltd. to PM Modi and highlighted the crisis that the industry is suffering.  

He said that even before the lockdown the industry was in crisis and then the Centre has announced important policies like MSP, Export of Sugar, Buffer Stock, etc. Listing the relief measures that are required in the sector amid the Covid lockdown, the NCP supremo also said that he is hopeful that the PM will look into the matter and initiate necessary relief measures to resolve the crisis.

The measures that he suggested are as follows:  

1. Provision of funds for clearing export incentives and buffer stock expenses pending since 2018-19 and 2019-20.
2.  Increasing MSP of Sugar ranging from Rs 3450 to Rs 3750 with grade wise increment.
3.  Provision of one-time grant of Rs 650 per tonne on average cane crushed during the last two years.
4.  Conversion of outstanding Working capital into Short term loan and rescheduling all term loans for 10 years with a moratorium of two years on the lines of Mitra Committee recommendations. 
5. Treating sugar mills’ distilleries as Strategic Business Units ( SBUs) and on Stand Alone basis the banks should finance the Ethanol Projects sanctioned under the Interest Subvention Capex Scheme announced by the Central Government in 2018.

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Earlier, Pawar had also written to PM Modi, raising apprehensions on the Central government's decision to establish the proposed International Finance Service Centre (IFSC) authority in Gandhinagar instead of the financial capital of India, Mumbai. On migrants crisis, he urged Prime Minister Narendra Modi to speak to the Chief Ministers of states, who are not allowing migrants to return home.

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Maharashtra Covid update

As India's Coronavirus (COVID-19) tally soars to 78003, Maharashtra on Thursday, reported 1602 new cases and 44 deaths. While 6059 patients have recovered from Coronavirus, Maharashtra's death toll has reached 1019. The state's current tally is at 27524 - with  Mumbai accounting to 16738 cases.

READ | Coronavirus Live Updates