By IANS,
New Delhi : The Indian government Thursday decided to decontrol Rs.80,000 crore (around $15.5 billion) sugar industry in line with the suggestions of a panel headed by C. Rangarajan, the chairman of the prime minister’s economic advisory council.
The cabinet committee on economic affairs, at a meeting chaired by Prime Minister Manmohan Singh, cleared the proposal that seeks to balance the interests of farmers and mills.
In its report submitted to the government last October, the expert panel recommended lifting all controls on the sugar industry, among the most regulated sectors in India.
India is the world’s second largest producer of sugar at nearly 340 million tonnes and the annual output is worth around Rs.80,000 crore (around $15.5 billion).
The livelihood of 50 million farmers depends on the industry, which employs 500,000 people directly at the mills.