QuoteIndians have the spirit to achieve what is believed to be un-doable: PM Modi
QuoteIndia is ready to do whatever it can to further global good and prosperity: PM Modi
QuoteThe (COVID-19) pandemic has shown that India's pharmaceutical industry is an asset not just for India but for the entire world: PM

Distinguished guests from all walks of life, Namaste! Greetings from India. I appreciate India Inc Group for organizing this event. The present event is a part of the excellent work that India Inc has done over the past years. Your events have helped bring the opportunities in India to a global audience.You have helped making the links between India and UK stronger. I am happy that this year's event has expanded its reach to other partners also. Congratulations again. Hopefully next year, you will also get the opportunity to be on the Centre Court and enjoy Wimbledon.

Friends,

In these times, it is natural to talk about revival . It is equally natural to link global revival and India. There is faith that the story of global revival will have India playing a leading role. I see this closely linked with two factors. The first is- Indian talent. World over, you have seen the contribution of India's talent-force.This includes Indian professionals, doctors, nurses, bankers, lawyers, scientists, professors, our hard-working labourers. Who can forget the Indian tech industry and tech professionals. They have been showing the way for decades. India is a power-house of talent, that is eager to contribute, ever ready to learn. There is two-way synergy that is greatly beneficial.

Friends,

The second factor is India's ability to reform and rejuvenate . Indians are natural reformers! History has shown that India has overcome every challenge, be it social or economical. India has done so with a spirit of reform and rejuvenation. The same sprit continues now.

Friends,

On one hand India is fighting a strong battle against the global pandemic. With an increased focus on people's health, we are equally focussed on the health of the economy. When India talks of revival it is revival with care, revival with compassion, revival which is sustainable - both for the environment and the economy. We in India belong to the culture where Mother Nature is worshipped by everyone. It is believed in India that the Earth is our Mother and we are her children.

Friends,

During the last six years, India has made great gains in areas such as Total financial inclusion, Record housing and infra construction, Ease of Doing Business, Bold tax reforms including the GST, Roll out of the world's largest health care initiative - Ayushman Bharat. These gains have set the foundations for the next round of development initiatives.

Friends,

Indians have the spirit to achieve what is believed to be impossible. No wonder that in India, we are already seeing green-shoots when it comes to economic recovery. In this time of a pandemic, we have provided relief to our citizens and undertaken deep structural reforms. We are making the economy: more productive, investment friendly and competitive.

Our relief package has been smart and targeted to provide the most poor with the most help. Thanks to technology, every penny has reached the beneficiaries directly. The relief includes,providing free cooking gas, cash in the bank accounts, free food grains to millions of people and many other things. As soon as we unlocked, we have launched one of the world's largest public works program to provide employment to millions of workers. This will not only re-energise the rural economy, but also help in creation of durable infrastructure in the rural areas.

Friends,

India remains one of the most open economies in the world.We are laying a red carpet for all global companies to come and establish their presence in India. Very few countries will offer the kind of opportunites India does today. There are many possibilities and opportunities in various sunrise sectors in India. Our reforms in agriculture provide a very attractive investment opportunity to invest in storage and logistics. We are opening the doors to investors to come and invest directly in the hard-work of our farmers.

Friends,

We have brought reforms in the MSME sector. A booming MSME sector will also complement big industry. There are investment opportunities in the defence sector. With relaxed FDI norms, one of the world's biggest militaries invites you to come and make products for it. Now, there are more opportunities for private investment in space sector. This will mean greater access to commercial use of space tech for the benefit of people. India's tech and start-up sector is vibrant. There is a market of millions of digitally empowered, aspirational people.Imagine the kind of products you can make for them.

Friends,

The pandemic has once again shown that India's pharma industry is an asset not just for India but for the entire world. It has played a leading role in reducing the cost of medicines especially for developing countries. Vaccines made in India are responsible for two-thirds of the vaccination needs of the world's children. Today also, our companies are active in the international efforts for development and production of COVID-19 vaccine. I am certain that India will have an important role in developing and in scaling-up production of the vaccine once it is discovered.

Friends,

130 crore Indians have given the call for an AtmaNirbhar Bharat. A self reliant India. AtmaNirbhar Bharat merges domestic production and consumption with global supply chains. AtmaNirbhar Bharat is not about being self-contained or being closed to the world. It is about being self-sustaining and self-generating. We will pursue policies that promote efficiency, equity and resilience.

Friends,

I am happy to note that this Forum is also marking the 100th birth anniversary of Pandit Ravi Shankar. He took the beauty of Indian classical music to the world. You would also have seen how Namaste has gone global as a form of greeting. The pandemic has also seen the increasing appeal of Yoga, Ayurveda and traditional medicines world over. India's ancient culture, India's universal, peaceful ethos, is our strength.

Friends,

India is ready to do whatever it can to further global good and prosperity. This is an India that is reforming, performing and transforming. This is an India that offers new economic opportunities. This is an India that is adopting a human-centric and inclusive approach to development.

India awaits you all

Namaste,

Thank you very much.

 

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Cabinet approves Fair and Remunerative Price of sugarcane for sugar season 2025-26
April 30, 2025
QuoteCabinet approves Fair and Remunerative Price of sugarcane payable by Sugar Mills to sugarcane farmers for sugar season 2025-26
QuoteFair and Remunerative Price of Rs. 355/qtl approved for Sugarcane Farmers
QuoteDecision will benefit 5 crore sugarcane farmers and their dependents, as well as 5 lakh workers employed in the sugar mills and related ancillary activities

Keeping in view interest of sugarcane farmers (GannaKisan), the Cabinet Committee on Economic Affairs chaired by the Prime Minister Shri Narendra Modi has approved Fair and Remunerative Price (FRP) of sugarcane for sugar season 2025-26 (October - September) at Rs.355/qtl for a basic recovery rate of 10.25%, providing a premium of Rs.3.46/qtl for each 0.1% increase in recovery over and above 10.25%, & reduction in FRP by Rs.3.46/qtl for every 0.1% decrease in recovery.

However, the Government with a view to protect interest of sugarcane farmers has also decided that there shall not be any deduction in case of sugar mills where recovery is below 9.5%. Such farmers will get Rs.329.05/qtl for sugarcane in ensuing sugar season 2025-26.

The cost of production (A2 +FL) of sugarcane for the sugar season 2025-26 is Rs.173/qtl. This FRP of Rs.355/qtl at a recovery rate of 10.25% is higher by 105.2% over production cost. The FRP for sugar season 2025-26 is 4.41% higher than current sugar season 2024-25.

The FRP approved shall be applicable for purchase of sugarcane from the farmers in the sugar season 2025-26 (starting w.e.f. 1st October, 2025) by sugar mills. The sugar sector is an important agro-based sector that impacts the livelihood of about 5 crore sugarcane farmers and their dependents and around 5 lakh workers directly employed in sugar mills, apart from those employed in various ancillary activities including farm labour and transportation.

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Background:

The FRP has been determined on the basis of recommendations of Commission for Agricultural Costs and Prices (CACP) and after consultation with State Governments and other stake-holders.

In the previous sugar season 2023-24, out of cane dues payable of ₹ 1,11,782 crores about Rs.1,11,703 crores cane dues have been paid to farmers, as on 28.04.2025; thus, 99.92% cane dues have been cleared. In the current sugar season 2024-25, out of cane dues payable of Rs.97,270 crore about Rs.85,094 crores cane dues have been paid to farmers, as on 28.04.2025; thus, 87% cane dues have been cleared.