Centre imposes stock limit on sugar for Sept, Oct to check hoarding
The Dollar Business Bureau In order to prevent hoarding of sugar and to check the prices during the upcoming festive season, the Government on Tuesday imposed limit on stock holding on sugar producers for September and October. “In exercise of the powers conferred by section 3 of the Essential Commodities Act, 1955 (10 of 1955) read with the clause 5 of the Sugar (Control) Order, 1966, the Central Government hereby directs that no producer of sugar shall hold any stock of sugar in excess of quantities,” said Ministry of Consumer Affairs, Food & Public Distribution said in a notification. By the end of September, sugar mills will not be permitted to stock more than 21% of the total sugar available with them during ...
Sugar price rise 'inevitable' due to sugarcane FRP hike: NFCSF
The Dollar Business Bureau With an 11% hike in the fair and remunerative price (FRP) of sugarcane, there could be a rise in the retail prices of sugar, industry body National Federation of Cooperative Sugar Factories (NFCSF) said. As per official data presently sugar’s retail prices are at Rs 40-45 per kg. In its public release on Wednesday the government stated that “The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has given its approval for fixing the Fair and Remunerative Price (FRP) of sugarcane at Rs. 255/- per quintal (qt) for sugar season 2017-18 linked to a basic recovery rate of 9.5% subject to a premium of Rs. 2.68 per quintal for every 0.1% point increase ...
Demand-supply gap may lead to price rise of sugar: Pawar
The Dollar Business Bureau The prices of sugar are likely to remain under pressure due to the estimated gap of supply of about 3.5-4 million tonnes in the marketing year starting October, said Sharad Pawar, former Agriculture Minister. The Nationalist Congress Party supremo, Pawar, also asked the industry to brace up for government’s action, including likely import of raw sugar to meet the demands of domestic consumers and keep the prices in check. Pawar, while addressing the 74th annual convention of Sugar Technologists Association of India, stated that the gap in demand and supply may keep the prices under pressure. While sugar production this year was good, a similar situation is not visible for the marketing year 2016-2017, he added. Currently, the prices ...
India may levy 25% customs duty on sugar exports
The Dollar Business Bureau In order to ensure enough supply of sugar in the local market, the government may impose a 25 percent customs duty on export of the sweetener. “There is a rising trend in the sugar prices in the global market. To make profits, traders may enhance the sugar exports. To keep a check on this, it is proposed to impose a 25 percent duty. This will keeps sufficient supply of sugar and the prices will also be under control,” said Ram Vilas Paswan, Minister of Food & Public Distribution, in a tweet on Thursday. The overall production of sugar in India is likely to drop in 2016, mainly due to drought in major sugar-growing states including Maharashtra and Karnataka. Since April, ...
Surplus stock gives sugar producers a pinch of salt; exports only option
Himanshu Vatsa | The Dollar Business With the next harvesting season of sugarcane approaching, the stockpiling of surplus sugar from the past season has become a major concern for the industry. According to sugar millers, exporting the sweetener is the only option to get rid of more than 10 million tonnes of surplus stock across the country. Even though the government in March announced export subsidy of Rs 4000 per tonnes, the industry demands additional benefits for overseas shipment. “The government announced export subsidy in March when 70% of the country’s production was over. What is the use of this subsidy when we are still not sure whether the scheme will continue or not,” Sanjeev Babar, Managing Director of Maharashtra State Cooperative ...
Government intervenes to unclog payment of arrears to cane farmers
Source: PIB, Government of India To help the industry clear its cane dues arrears, the Cabinet Committee on Economic Affairs chaired by the Prime Minister, Shri Narendra Modi today approved the proposal to provide soft loans to the extent of Rs. 6000 crore to the sugar industry. CCEA has provided a one year moratorium on this loan, and will bear the interest subvention cost to the extent of Rs. 600 crore for the said period. To ensure that farmers are paid their dues expeditiously, the Government has mandated that banks will obtain from the sugar mill, the list of farmers with bank account details to the extent cane dues are to be paid, so that the same are directly paid into ...
Government softens norms for sugar exports to EU, US
The Dollar Business Bureau Now all sugar exporters will be allowed to sale certain amount of the sweetener under preferential quota to European Union (EU) countries and the United States (US). Liberalising norms for international traders, the government on Tuesday extended the benefits of preferential quota exports to the entire Sugar Industry. So far, the benefit was meant for only state trading enterprises (STE). The preferential quota sugar to EU was being exported through STE subject to quantitative ceiling notified by the Directorate General of Foreign Trade (DGFT). “The government has now decided to liberalise the export policy in respect of export of preferential quota sugar to EU from ‘STE’ to ‘Free’ regime,” the Ministry of Commerce and Industry ...
