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India: Union cabinet clears Rs 5,538 crore package for sugar industry

The Union Cabinet on Wednesday approved an Rs 5,538-crore package as part of a comprehensive policy for the sugar industry to deal with the surplus domestic stock and help mills clear dues of cane growers. The policy seeks to offset the cost of cane crushed and provide transport subsidy for sugar export to help the industry improve its liquidity to clear the dues. Addressing the media here, Union Finance Minister Arun Jaitley said that the policy’s objective is to deal with the excess sugar due to higher production in the coming season.