Before the Union budget, the central govt gives a big surprise to Indian farmers. The Modi Cabinet made some significant decisions on Wednesday that are set to benefit farmers and various sectors, especially agriculture. They also greenlit the National Critical Minerals Mission with a budget of Rs 16,300 crore, aiming to boost the country’s self-sufficiency in minerals.

The Cabinet Committee on Economic Affairs, led by PM Narendra Modi, has approved new ethanol purchase prices, which will take effect from November 1, 2024, to October 31, 2025.

This move is expected to reduce reliance on crude oil. The ex-mill price for C-Heavy Molasses (CHM) under the Ethanol Blended Petrol Program has been raised from Rs 56.58 to Rs 57.97 per liter, benefiting farmers and helping the country save foreign currency.

Union Minister Ashwini Vaishnav mentioned that there are ongoing efforts to increase ethanol usage in the country, aligning with the government’s push for green energy.

As for B Heavy Molasses (BHM), there’s no change in its prices. The Modi government has approved a Rs 1.69 increase in the ex-mill price of ethanol from C Heavy Molasses for the 2024-25 period, bringing it to Rs 57.97 per liter. Meanwhile, the prices for ethanol from B Heavy Molasses and sugarcane juice remain steady at Rs 60.73 and Rs 65.61 per liter, respectively.

 

The Cabinet Committee on Economic Affairs has made an important announcement. Information and Broadcasting Minister Ashwini Vaishnav shared that the ethanol purchase price for public sector oil marketing companies (OMCs) for the ethanol supply year 2024-25 has been officially revised. Additionally, the government has pushed back the target for achieving 20 percent ethanol blending in petrol from 2025-26 to 2030.

According to an official statement, oil marketing companies are aiming for an 18 percent blending target during the current ethanol supply year 2024-25.

In another significant development, the Modi government has approved the National Critical Minerals Mission (NCMM) with a budget of Rs 16,300 crore. This initiative aims to enhance the exploration of vital minerals both domestically and in offshore regions. The approval was granted by the Union Cabinet, led by Prime Minister Narendra Modi.