The government of the state has allocated Rs 43 crore for a one-time settlement aimed at reviving closed sugar factories throughout the region. Following discussions with bankers, an agreement was reached to clear the outstanding dues of these factories, facilitating their reopening. This move comes after several months of efforts by the government to revive the sugar industry, which has faced challenges in recent times.
Under the leadership of Industries Minister D Sridhar Babu, a cabinet sub-committee was formed by the Congress government to explore opportunities for reopening closed sugar factories, particularly focusing on Nizam sugar factories in Bodhan and Muthyampet. The committee engaged in extensive discussions with bankers to address the financial hurdles faced by these factories. CM Revanth Reddy expressed confidence that these sugar factories would resume operations by September 17, indicating a concerted effort to boost the sugar industry's revival.
This initiative signifies the government's proactive approach in supporting key sectors like sugar production, which play a vital role in the state's economy. By addressing financial challenges and facilitating the reopening of closed sugar factories, the government aims to stimulate economic activity, create employment opportunities, and ensure the sustainability of the sugar industry in the region.