June 6, 2018 / 9:29 AM / 4 months ago

India cabinet approves building 3 mln t govt stockpile of sugar- food minister

NEW DELHI, June 6 (Reuters) - India has decided to build a 3 million tonne stockpile of sugar to soak up excess supply from the domestic market, and grant soft loans worth 44.4 billion rupees ($661.40 million) to help millers expand ethanol output capacity, the food minister said.

The government has also fixed a floor price of 29 rupees a kilogram to ensure that retail rates of sugar do not fall further, Ram Vilas Paswan told a news conference after a cabinet meeting chaired by Prime Minister Narendra Modi.

Paswan on Tuesday said the government would announce support measures to cut a growing sugar surplus and prop up local prices, a move aimed at helping loss-making mills and millions of cane growers who make up a key voting bloc. ($1 = 67.13 rupees) (Reporting by Mayank Bhardwaj; Editing by Alex Richardson)

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