Policy | Sugar mills association seeks cut in imports

Policy | Sugar mills association seeks cut in imports

New Delhi: The Indian Sugar Mills Association (Isma) called on the government to reduce the country’s dependence on imports as domestic production is expected to meet demand in the next sugar season, which runs from October to September.

“With higher prices being assured to sugar cane producers this year, we expect farmers to grow more sugar, which will help narrow the gap between demand and supply in 2010-11 so that dependence on imported sugar is considerably reduced," Isma president Sameer Somaiya said.

India is expected to close the current sugar season with production at 16-16.5 million tonnes, whereas demand is at 22 million tonnes, leaving a gap of around 7 million tonnes. This is being met through imports of raw and white sugar.

“The country has contracted to import 3.8 million tonnes of sugar so far this season, of which, 1.8 million tonnes have arrived," Somaiya added.

—Sangeeta Singh


Markets panel meet remains inconclusive

Mumbai: The high level co-ordination committee (HLCC) on financial markets on Monday discussed formalization of the structure of the regulatory panel to make it more efficient.

The meeting remained inconclusive and no decision was taken.

“Even though no paper was circulated in advance, there was a presentation made and we did informally discuss it," one of the members of the committee told ‘Mint’.

HLCC consists of top officials of Indian banking, capital markets, insurance and pension regulators besides representatives from the ministry of finance.

The government is in favour of creating a formal structure, even enacting a law to enable and strengthen coordination between various financial sector regulators and plug the gaps in the current regulatory framework.

The Indian banking regulator seems to be not comfortable with the idea.

The Reserve Bank of India governor D. Subbarao has said the issue has to be debated.

—Anirudh Laskar