Cabinet okays new procurement mechanism for crops, hikes ethanol rates

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Ahead of the kharif harvest season, the Centre on Wednesday announced its much-awaited procurement mechanism for non-wheat and rice crops at an increased Minimum Support Price (MSP) and also fixed a new higher price for ethanol produced from intermediary molasses and sugarcane juice. For the procurement mechanism, an allocation of over Rs 150 billion was made spread over the next two financial years of which Rs 62 billion will be spent this year. That apart, procurement agencies like Nafed will also get an additional bank guarantee of over Rs 160 billion in addition to the ...