Private banks, NBFCs not subject to writ jurisdiction: SC

The ruling came while affirming that Muthoot Finance, an NBFC, is not amenable to writ jurisdiction

- Zia Haq

NEW DELHI: The Cabinet's committee on economic affairs chaired by Prime Minister Narendra Modi on Wednesday cleared an increase in the price of ethanol, a by-product of sugar, which state-run petrol retailers buy from millers, a move that will aid the country's fuel-blending programme and ensure higher prices for farmers to cover increased cultivation costs.

The Modi government's fuel-blending programme aims to reduce dependence of the world's third-largest oil importer on overseas petroleum purchases.

The administered, or federally set, price of ethanol derived from heavy molasses, a by-product of cane crushing, for the ethanol supply year 2024-25 (November 1, 2024 to October 31st 2025) has been fixed at ₹57.97 per litre, up from ₹56.58 per litre earlier, which is an increase of 2.5%.

Over the longer term, the country aims to lessen the use of sugarcane-based ethanol and utilize more maize grown in a sustainable way.