Enough Sugar for this Year, As­sures ISMA

The Economic Times - - Finance & Commodities - Jayashree.Bhos­ale @times­group.com

Pune: There are suf­fi­cient sugar stocks in In­dia to take the coun­try through the next sugar mar­ket­ing year, trade body In­dian Sugar Mills As­so­ci­a­tion (ISMA) said.

This came amid re­ports that the gov­ern­ment is con­tem­plat­ing an­other round of sugar im­ports to meet the an­tic­i­pated high de­mand dur­ing the up­com­ing fes­ti­val sea­son. Sugar pro­duc­tion fell be­low con­sump­tion in the 2016-17 mar­ket­ing year, which ends on Septem­ber 30. This had led to a surge in sugar prices, forc­ing the gov­ern­ment to di­rect mills to main­tain de­mand-sup­ply bal­ance and cur­tail the prices. But ISMA said this is not the case. “We have been telling our mem­bers to keep sell­ing sugar and we will tell them again,” said T Sarita Reddy, pres­i­dent at ISMA. “The cur­rent prices are not higher than the pre­vi­ous year.” The union gov­ern­ment, which had in­creased the im­port duty on sugar to 50% in July, is re­port­edly con­tem­plat­ing cut­ting it to 25% and al­low­ing im­port of sugar to aug­ment sup­plies dur­ing the the fes­ti­val sea­son.

The govt, which had in­creased the im­port duty on sugar to 50% in July, is re­port­edly con­tem-plat­ing cut­ting it to 25%

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