Union Cabinet take vital decisions

The sugarcane and sugar production in this sugar season is very high leading to dampening of sugar prices. Consequently, sugarcane farmers’ dues have increased.

In a significant step that will reduce import dependency for energy requirements and give boost to agriculture sector, the Cabinet Committee on Economic Affairs has approved the Mechanism for procurement of ethanol by Public Sector Oil Marketing Companies for Ethanol Blended Petrol Programme.

The Union Cabinet has approved establishment of additional 6.5 Million Metric Tonne Strategic Petroleum Reserve facilities at two locations, i.e. Chandikhol in Odisha and Padur in Karnataka.

The Cabinet Committee on Economic Affairs also approved the capital infusion of Rs.2000 crore for strengthening of Export Credit Guarantee Corporation or the ECGC.

The infusion would enhance insurance coverage to MSME exports and strengthen India’s exports to emerging and challenging markets like Africa, CIS and Latin American countries.

Increased capital infusion will help ECGC to diversify its product portfolio and provide cost effective credit insurance helping exporters to gain a stronger foothold in the difficult markets.