2 February 2024
Sandeep Dhand (Ludhiana)
In a significant move aimed at providing economic relief and support to vulnerable sections of society, the Union Cabinet, chaired by Prime Minister Narendra Modi, has announced a two-year extension of the subsidy on sugar distributed through ration shops. The extension, applicable to 1.89 crore families under the Antodya Ann Yojana, ensures continued accessibility to this essential commodity at subsidized rates.
Under the approved scheme, the government will provide a subsidy of 18 and a half rupees per kilogram of sugar every month until March 31, 2026. This initiative is a testament to the government’s commitment to addressing the needs of economically disadvantaged families and ensuring food security through the public distribution scheme.
In the same cabinet meeting, another crucial decision was made to bolster the textile industry. The Export Incentive Scheme for Garments has been granted an extension until March 2026. This move is expected to provide a significant impetus to the garment sector, promoting exports and fostering economic growth. The decision aligns with the government’s vision of making India a global hub for textile and garment manufacturing.
Additionally, the Cabinet has given the nod for the continuation of the marketing margin for the supply of domestic gas to urea plants. This decision covers the period from May 1, 2009, to November 17, 2015. The approval underscores the government’s commitment to supporting the fertilizer industry and ensuring a stable supply of urea for agricultural needs.
Prime Minister Modi, while chairing the meeting, emphasized the importance of these decisions in promoting inclusive growth and addressing the diverse needs of different sectors. The extension of subsidies and incentives reflects the government’s proactive approach in navigating economic challenges and fostering resilience.
Industry experts and stakeholders have welcomed these decisions, acknowledging the positive impact they are expected to have on various sectors of the economy. The extension of the subsidy on sugar, the continuity of export incentives for garments, and support for the urea industry are seen as strategic measures to stimulate economic activity and uplift key sectors.
As the government continues to implement policies aimed at economic recovery and growth, these recent decisions signal a commitment to fostering a conducive environment for both vulnerable communities and vital industries. The coming years are anticipated to witness the positive outcomes of these measures, contributing to India’s economic development and social welfare.