Cabinet approves 16300 crore mineral mission, Union Minister Ashwini Vaishnav announces
New Delhi| The Union Cabinet has approved the Rs 16,300 crore Mineral Mission. Union Minister Ashwini Vaishnav announced this on Wednesday. Along with this, the Cabinet has also approved increasing the ex-mill price of ethanol produced from C category heavy jaggery from Rs 56.28 per liter to Rs 57.97 per liter. Ethanol prices set by the government were not increased since the 2022-23 ethanol supply year (November – October). The current rates of ethanol produced from sugarcane juice, B-heavy jaggery and C-heavy jaggery are Rs 65.61, Rs 60.73 and Rs 56.28 per liter respectively.
Announcement to increase the ex-mill price of ethanol by Rs 1.69
The Union Cabinet on Wednesday announced ethanol prices for the 2024-25 period ending October 31 this year. Approval was given to increase the ex-mill price of ethanol obtained from heavy molasses of C category by Rs 1.69 to Rs 57.97 per litre. There was no change in the prices of ethanol produced from B category heavy jaggery and sugarcane juice/sugar/sugar syrup. Their prices were kept unchanged at Rs 60.73 per litre and Rs 65.61 per litre respectively.
The Cabinet Committee on Economic Affairs took the decision
The decision to increase ethanol prices was taken by the Cabinet Committee on Economic Affairs. Giving this information, Information and Broadcasting Minister Ashwini Vaishnav said that for the Ethanol Supply Year (ESY) 2024-25, amendment in the ethanol purchase price for public sector oil marketing companies (OMCs) has been approved. The government has also reduced the target of 20 percent ethanol blending in petrol from 2030 to ethanol year 2025-26. “In a move in this direction, oil marketing companies plan to blend 18 percent ethanol during the ongoing ESY 2024-25”, an official release said
Action seen in shares of Chinese companies before the cabinet decision
Meanwhile, shares of companies related to sugar and ethanol have seen a rise. Shares of EID-Parry, Shree Renuka Sugars, Balrampur Sugar Mills and Triveni Engineering registered gains of 3.7%, 4.5%, 2.5% and 2.3% on BSE Sensex. Sensex showed a gain of 0.62%.
