GoM meet on sugar postponed
Sugar industry will have to wait for some more time for a decision on their demand for sops following postponement of Group of Ministers' meeting, scheduled for Wednesday.
By PTI |
NEW DELHI: Sugar industry will have to wait for some more time for a decision on their demand for sops following postponement of Group of Ministers' meeting, scheduled for Wednesday.
Though no new date has been decided for the meeting, it is expected to be held sometime next week.
Reacting to the deferment of the meeting, a sugar company official said though the mills are concerned, they hope the government will come out with concrete proposals during the meeting to bail out the industry.
"What is important is what the government gives to the industry. Though we are concerned, hopefully the delay is only for a few days", the official said.
While the government has virtually rejected the demand of sugar mills for excise duty exemption, it is now planning a financial package including structured credit for the industry.
For improving the overall earning capacity of sugar mills, the government is also mulling enhancing the ethanol level in petrol from the current 5 per cent to 10 per cent.
"There is no proposal for exemption of excise duty for the sugar mills and this demand of sugar mills has also not found favour in various quarters including the finance ministry," official sources said.
The GOM headed by External Affairs Minister Pranab Mukherjee, among other things, will also deliberate on the issue of raising the ethanol ratio in petrol.
Though no new date has been decided for the meeting, it is expected to be held sometime next week.
Reacting to the deferment of the meeting, a sugar company official said though the mills are concerned, they hope the government will come out with concrete proposals during the meeting to bail out the industry.
"What is important is what the government gives to the industry. Though we are concerned, hopefully the delay is only for a few days", the official said.
While the government has virtually rejected the demand of sugar mills for excise duty exemption, it is now planning a financial package including structured credit for the industry.
For improving the overall earning capacity of sugar mills, the government is also mulling enhancing the ethanol level in petrol from the current 5 per cent to 10 per cent.
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"There is no proposal for exemption of excise duty for the sugar mills and this demand of sugar mills has also not found favour in various quarters including the finance ministry," official sources said.
The GOM headed by External Affairs Minister Pranab Mukherjee, among other things, will also deliberate on the issue of raising the ethanol ratio in petrol.
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