UP cane arrears balloon to over ₹12,000 crore
Almost four months into the 2020-21 crushing season, the Uttar Pradesh Government is yet to announce the state advised price (SAP) for sugarcane, while millers have so far, crushed about 40 per cent of the cane grown in the largest producing State. The delay in the SAP announcement has also surprised the industry.
Mills have so far crushed 455.4 lakh tonnes (lt) of sugarcane to produce 46.04 lt of sugar in the sugar season that began on October 1.
An AI-based app from SLCM to assess crop quality in a jiffy
Agtech player and post-harvest crop management solutions provider, Sohan Lal Commodity Management Pvt Ltd (SLCM), has developed an AI-based mobile app to provide quality assessment of a crop within a minute with upto 90 per cent accuracy.
Speaking to BusinessLine, Sandeep Sabharwal, CEO, SLCM Group, informed that the new service will be launched in the second quarter of next fiscal.
Maharashtra cabinet offers guarantee to ₹1,500 crore loan by Cotton Growers Marketing Federation
The Maharashtra Cabinet on Wednesday decided to stand guarantee to the ₹1500 crore loan, which will be raised by Maharashtra State Co-operative Cotton Growers Marketing Federation Ltd for paying minimum support price (MSP) to the cotton growing farmers in Maharashtra. The loan would be raised from Bank of Maharashtra with an interest rate of 6.35 per cent, a press statement issued by the Chief Minister of Maharashtra’s office said.
The statement said that in addition, the guarantee fee to be paid to the Cotton Marketing Federation on the sanctioned government guarantee has also been waived. Due to satisfactory rainfall and favourable weather conditions in the state, 400 lakh quintals of cotton is expected to be produced this season.