Biman focuses on economic recovery

MINISTER of Finance Professor Biman Prasad says the coalition Government is focused on overall economic recovery.

Addressing the Sugar Industry Stakeholders Meeting on Wednesday, he said Government would ensure sustainable economic recovery.

“It has to be supported by all the sectors of the economy,” Prof Prasad said.

“And part of that recovery process is to look at diversification of the economy in general.

“I’m very pleased that the sugar minister (Charan Jeath Singh) has laid down some very good thoughts on how the industry plans to recover. And I’m glad that he’s providing that very thoughtful leadership and I’m confident that under his leadership, the sugar industry will be back on track.

“But it is also important, when we start looking at this, to understand a little bit of history of the industry. And I’m particularly pleased that we are getting here today because that has been one of the hallmarks of the way in which the industry worked together.”

Prof Prasad highlighted the importance of having a parliamentary select committee on sugar.

“In fact, soon after Independence, there was always a parliamentary select Committee on sugar.

“Every prime minister until 2006 had that committee.

“There was an organisational structure which cascaded down upwards to the highest levels of the Parliament that provided the support.

“Unfortunately, after 2006 that structure, that consultative process was disrupted; it was disrupted for 16 years until today.

“And that is why I think this is a very significant process.”

He said significant declines in sugarcane production were a concern.

“In 2006, we were producing 3.2 million tons of cane.

“Thank you for the support that the European Union has given to the sugar industry for a very, very long time. The discussions that I’ve had with the European Union with my permanent secretary also suggest that there is a lot of goodwill around to bring this industry back.

“So from 3.2 million tonnes, we were reduced at one time in 2016 under the old leadership of FSC, and that’s a bit of a history there, to almost about 1.3 million tons now.”

Prof Prasad believes the good skills in the sugar industry will help the industry bounce back.

“I think there are good skills around this table, good thinking which can help the industry back.

“So that is some sign that we are perhaps looking at how to take the industry forward.

“As the honourable (sugar) minister said again, and I concur with him that the industry is still very, very important.

“A lot of the economy revolves around the industry.

“Unfortunately, those who were in the leadership of government failed to see that.

“They were almost trying to put all the eggs in one basket. And that is why I think we are where we are today with the industry.”