New Delhi: The Ministry of Consumer Affairs, Food and Public Distribution has issued a statement to alleviate concerns regarding the availability of sugar, assuring the nation of an abundant 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. The ministry further emphasized that the current stock is more than enough to maintain an optimum reserve of about 62 LMT at the season's end.
During this period, the country is projected to produce 330 LMT of sugar after diverting around 43 LMT for ethanol production, according to the statement.
The ministry reassured domestic consumers that sugar will be available at a reasonable price throughout the year. 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 country. Domestic sugar prices have seen only a nominal inflation of around 3%, in line with the Fair & Remunerative Price (FRP) of sugarcane.
Presently, the average retail price of sugar in the country is Rs.43 per kg and is projected to remain within a reasonable range. Over the past 10 years, India has experienced less than 2% annual inflation in sugar prices, showcasing the effectiveness of government policy interventions in stabilizing prices.
In addition to ensuring stable prices for consumers, 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. The statement highlighted that 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. For the current sugar season 2022-23, approximately Rs.1.05 lakh crores have been paid, accounting for about 93% of cane dues already cleared.
The reassurances from the government are expected to alleviate concerns among consumers and maintain a stable sugar market in the country. Read More:
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