The Coalition Government has launched a new grant program for first-time sugar cane farm buyers.
Under the program, first-time buyers would be able to obtain a loan from the Sugar Cane Growers Fund at the rate of 2.99 percent for the first year and then six percent thereafter.
Minister for Sugar Industry, Charan Jeath Singh said this initiative is to encourage new farmers to venture into sugarcane farming which will increase the dwindling production of cane.
He said sugar production has decreased from 4.2 million tons to 1.6 million tons and if we have to build the industry back, then we will have to increase production.
Singh shared that this initiative is part of 50-million-dollar budget for this year to increase production.
