India, Feb. 22 -- FRP usually announced in June as sugar season starts from October; new price hikes by Rs 25 at Rs 340 per quintal

In a surprising move aimed at appeasing approximately 50 million sugarcane farmers across the nation, the central government unveiled a strategic manoeuvre on the evening of February 21, 2024. During a meeting of the cabinet committee on economic affairs, chaired by Prime Minister Narendra Modi, a decision was reached to elevate the fair and remunerative price (FRP) of sugarcane by eight per cent.

This decision comes as a departure from the norm, as FRP adjustments are typically announced around June, ahead of the sugar season commencing in October. Notably, last year's FRP increase for sugarcane was sancti...