Rs 7,500 Crore Soft Loans For Sugar Mills?

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Earlier Union Minister Nitin Gadkari had advised sugar mill owners to produce more ethanol instead of sugar as it would help them to come out of financial distress. A leading news website reported, in a bid to boost the ethanol production capacities, the Central government is planning soft loans of Rs 7,500 crore for sugar mills.

Recently, Gadkari during an event said, “If you make sugar you’ll go down in the dumps. Make more ethanol by installing diffusers instead of building new sugar mills.”

Last year, the government had announced a soft loan of Rs 4,400 crore. However, the industry had maintained that this was not enough.

According to a media report, the Centre had received 144 applications requesting soft loans to the tune of Rs 12,785 crore, and out of them, many requests do not fit the criteria.

Prime Minister Narendra Modi had also set a target to triple ethanol production in four years to help save Rs 12,000 crore in oil import bill by mixing the sugarcane extract in petrol as well as boost farm income.

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SOURCEChiniMandi

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