Prime Minister Narendra Modi on Thursday underlined his government's commitment to fulfilling its pledge for the welfare of farmers, asserting that a "historic" hike in sugarcane's price is part of such efforts.

This will benefit crores of sugarcane farmers, he said in a series of posts on X, highlighting several decisions taken by the Union Cabinet on Wednesday.

The Cabinet meeting headed by Modi hiked the minimum price that mills have to pay to sugarcane growers by Rs 25 to Rs 340 per quintal for the 2024-25 season starting October.

An official statement had said after the decision, "The new FRP will ensure prosperity of sugarcane farmers. It is noteworthy that India is already paying the highest price of sugarcane in the world and despite that the government is ensuring the world's cheapest sugar to domestic consumers." 

Reacting to other Cabinet decisions, he said the step taken by it relating to the National Livestock Mission will bring exciting opportunities for entrepreneurs alongside major boosts in fodder production and breed conservation.

The government on Wednesday modified the National Livestock Mission by including various activities and providing 50 per cent capital subsidy to individuals and organisations for establishing horse, donkey, mule, and camel entrepreneurship.

The government on Wednesday also eased Foreign Direct Investment (FDI) norms in the space sector by allowing 100 per cent overseas investment in making components for satellites, as part of efforts to attract overseas players and private companies into the segment.

Lauding this, Modi said, "Charting new orbits for growth and innovation! Our government has updated the FDI policy in the space sector, paving the way for a galaxy of opportunities."