New variety Co-17018 is likely to replace existing Co-0238 variety, which is becoming unsustainable because of its susceptibility to red rot and top borer diseases.
Sugar, a politically sensitive commodity, is heavily regulated by the government. The central government also fixes the quantity each mill can sell in the open market.
The govt said the rise would boost supplies and help sugar companies to pay their dues to farmers. India also wants to double ethanol blending with gasoline.
Maharashtra and Karnataka, the country's biggest and the third-biggest sugar producing states, have had heavy rains pushing back harvests by a fortnight.
Any major diversion of corn usage towards ethanol production would severely impact India's poultry sector. Modi govt's target of E20 by 2025 needs 2G biofuels.
Paddy, wheat farmers from Lakhimpur Kheri noted they are often forced to sell their produce to commission agents as government officials cite various excuses to avoid buying their produce.
Union Cabinet has approved the highest-ever FRP for sugarcane farmers at Rs 290/quintal, a hike of Rs 5 from last year. New rates will come into effect from October.
A BJP MP delegation held a meeting with CM Yogi Adityanath amid fears that the static SAP in the state is leading to resentment among sugarcane farmers.
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