The late-night cabinet meeting on February 21, 2024, resulted in several crucial decisions that will directly impact millions of people in the country. CNBC Awaaz had previously reported on the decisions related to the sugarcane Fair and Remunerative Price (FRP) and the space sector. Additionally, the government has made a significant announcement for women. Let’s delve into the details of each decision.
Boost for Agriculture: Modi Government Opens Treasury for Farmers
In a major move aimed at supporting farmers, the Modi government has taken a substantial decision regarding the sugarcane FRP for the 2024-25 season. The cabinet committee on economic affairs has approved an FRP of ₹340 per quintal for sugarcane, marking an increase of ₹25 per quintal. This raise is applicable for the sugarcane crushing season of 2024-25. The revised FRP will come into effect from October 1, 2024. The government believes that the enhanced FRP, 107% higher than the cost of production, will ensure the prosperity of sugarcane farmers.
Empowering Women: Approval for “Women’s Safety” Umbrella Scheme
Under the leadership of Prime Minister Narendra Modi, the Union Cabinet has given approval to continue the implementation of the “Women’s Safety” umbrella scheme during the period from 2021-22 to 2025-26. The total cost of the project is ₹1179.72 crore, out of which the Ministry of Home Affairs will provide ₹885.49 crore from its budget, and ₹294.23 crore will be funded through the Nirbhaya Fund.
FDI Ease in Space Sector: Boost for Satellite Manufacturing and Operations
The Cabinet’s decision has eased conditions for Foreign Direct Investment (FDI) in the space sector. Automatic route FDI up to 74% has been approved for satellite manufacturing, operations, and data products. This move is expected to encourage investment in the satellite industry, fostering growth and innovation.
The recent decisions made by the central government demonstrate a commitment to bolstering key sectors such as agriculture, women’s safety, and the space industry. These policy changes are poised to have a direct impact on the lives of millions of citizens, marking a significant stride toward inclusive and progressive governance. As the government continues to focus on economic development and social welfare, these announcements set the tone for a transformative period ahead.