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Business News/ News / India/  Centre reassures consumers of ample sugar stock to meet demand
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Centre reassures consumers of ample sugar stock to meet demand

The country is estimated to have production of 330 LMT sugar after diversion of about 43 LMT for ethanol production

Centre reassures consumers of ample sugar stock to meet demand by Harikrishna Katragadda/MINT (Hindustan Times Media Mint Delhi India)Premium
Centre reassures consumers of ample sugar stock to meet demand by Harikrishna Katragadda/MINT (Hindustan Times Media Mint Delhi India)

New Delhi: In a bid to allay concerns over sugar availability, the Ministry of Consumer Affairs, Food and Public Distribution has released a statement assuring the nation of an abundant sugar supply.

As of July 2023, India’s sugar stockpile stands at an impressive 108 lakh metric tonnes (LMT), ensuring sufficient provisions to meet domestic demand for the remaining months of the ongoing sugar season 2022-23. Additionally, the ministry asserted that the current stock is more than enough to maintain an optimum reserve of about 62 LMT at the end of the season.

During the period, the country is estimated to have production of 330 LMT sugar after diversion of about 43 LMT for ethanol production, it added.

The ministry assured that domestic consumers will get sugar at a reasonable price throughout the year. It added that despite a surge in international sugar prices to a decade-high during April-May 2023, the government of India has effectively maintained stable retail prices for sugar within the nation. Domestic sugar prices have witnessed only a nominal inflation of around 3%, in line with the Fair & Remunerative Price (FRP) of sugarcane.

International sugar prices remain nearly 50% higher than their Indian counterparts. Presently, the average retail price of sugar in the country stands at 43 per kg and is projected to remain within a reasonable range. Over the past 10 years, the country has experienced less than 2% annual inflation in sugar prices, highlighting the efficacy of government policy interventions in stabilizing prices.

The government has also addressed the interests of sugarcane farmers by ensuring fair and remunerative prices for their produce, along with timely payments by sugar mills. An impressive 99.9% of cane dues of sugarcane farmers for the sugar seasons up to 2021-22 have already been cleared by sugar mills. As for the current sugar season 2022-23, about 1.05 lakh crores have been paid, accounting for approximately 93% of cane dues already cleared.

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Published: 05 Aug 2023, 03:07 PM IST
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