Industry veterans claim that measures like extension of the scheme of buffer stock of 40 lakh tonnes of sugar is also likely to be extended in the next sugar season that starts from October 1.PUNE: The sugar industry expects the government to soon announce a new export policy for sugar for 2020-21 (Oct-Sept) as the reduction in domestic consumption along with excess production of sugar, may force India to look at exports to clear sugar stocks.
A meeting was held by minister Ram Vilas Paswan of the concerned departments on Monday to review the ongoing situation and discuss the policy measures for the next sugar season at a time when India is expected to produce 27MT of sugar in the 2019-20 sugar season, while the production in 2020-21 is expected to be about 31 MT. Industry veterans claim that measures like extension of the scheme of buffer stock of 40 lakh tonnes of sugar is also likely to be extended in the next sugar season that starts from October 1.
“The meeting discussed the policy of giving incentives for export of 6MT of sugar in the next season as also the continuation of the scheme of creation of a buffer stock of 4 MT like in the current year. It also discussed the industry’s demands on the introduction of a new soft loan scheme, increasing the minimum selling price (MSP) of sugar and the demand for reduction of interest rate on delayed cane payment to farmers from 15% to 8%,” said an executive of an industry body, who did not want to the quoted.
Source: indiatimes.com