The unwavering commitment of the government is to ensure continuous supply of sugar to domestic consumers at reasonable prices throughout the year.
The Government of India has implemented a number of proactive measures to maintain stable retail prices of sugar and thwart unscrupulous activities in the sugar market. Chief among these is the mandatory disclosure of sugar stock positions for traders, wholesalers, retailers, large chain retailers, and sugar processors on the Department of Food and Public Distribution portal.https://esugar.nic.in) every Monday.
The introduction of mandatory weekly stock disclosure is an important step in the Indian government’s ongoing efforts to promote a fair and balanced sugar market. By combating hoarding and speculation, the government aims to ensure that sugar remains affordable for all consumers. The move empowers regulatory authorities to closely monitor stock levels and respond quickly to any signs of market manipulation.
This fully digital system is set to facilitate a smooth sugar market by acting as a deterrent against those willing to engage in speculative transactions. Additionally, it will provide real-time data on sugar stocks, equipping the government with valuable information to make informed policy decisions when needed. These data will help mitigate the impact of rumors of rising sugar prices on both consumers and the industry.
Apart from these measures, the Government of India is seeking cooperation from sugar mills and traders in complying with relevant laws and monthly domestic quota norms. Strict action will be taken against mills violating these rules.
As of August 2023, India has comfortable sugar reserves of 83 LMT (million metric tons), with crushing expected to begin in October 2023. This ample supply ensures that there is no shortage for the upcoming festivals. In fact, the government has already released the first tranche of domestic sales quota, totaling 13 LMT, which sugar mills can start selling immediately. Additional quotas will be released in due course keeping in mind the prevailing market conditions.
With these proactive measures, India is well poised to maintain price stability in the Chinese market, benefiting both consumers and industry alike.
First Published: 22 Sep 2023, 07:42 IST
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