Big Decision by Modi Cabinet: Approves ₹16,300 Crore Mineral Mission

New Delhi (The Uttam Hindu): The Union Cabinet made several significant decisions on Wednesday, including approval for a ₹16,300 crore mineral mission. Union Minister Ashwini Vaishnaw shared the details of the decision. Additionally, the Cabinet approved an increase in the ex-mill price of ethanol produced from C-grade heavy jaggery from ₹56.28 per litre to ₹57.97 per litre. The ethanol prices set by the government had not been revised since the 2022-23 ethanol supply year (November-October). The current prices for ethanol produced from sugarcane juice, B-heavy jaggery and C-heavy jaggery are ₹65.61, ₹60.73 and ₹56.28 per litre, respectively.

The Cabinet also announced the new ethanol prices for the 2024-25 period, which ends on October 31 of this year. The ex-mill price of ethanol derived from C-grade heavy syrup will increase by ₹1.69 to ₹57.97 per litre. The prices of ethanol produced from B-grade heavy jaggery and sugarcane juice/sugar/sugar syrup remain unchanged at ₹60.73 per litre and ₹65.61 per litre, respectively.

The decision to raise ethanol prices was taken by the Cabinet Committee on Economic Affairs. Ashwini Vaishnaw, the Minister of Information and Broadcasting, informed that the revision in ethanol procurement prices for public sector oil marketing companies (OMCs) for the ethanol supply year (ESY) 2024-25 had been approved. The government also reduced the target for blending ethanol in petrol from 20% by 2030 to 2025-26. An official release mentioned, "As a step in this direction, oil marketing companies have planned for an 18% ethanol blend during the current ethanol supply year 2024-25." Meanwhile, shares of sugar and ethanol-related companies saw a rise. Stocks of EID-Parry, Shree Renuka Sugars, Balrampur Chini Mills and Triveni Engineering saw gains of 3.7%, 4.5%, 2.5% and 2.3%, respectively, on the BSE Sensex. The Sensex rose by 0.62%.