Buying sugar It may be expensive. In fact, Union Food Secretary Sanjeev Chopra said on Saturday that the government may take a decision on increasing the minimum selling price (MSP) of sugar in the next few days. At a conference of the All India Sugar Trade Association (AISTA), he said, ‘We are discussing the MSP proposal. We hope to take a decision in the coming days.’ Despite the annual increase in the fair and remunerative price (FRP) given to sugarcane farmers, the MSP of sugar has remained at Rs 31 per kg since 2019. It is believed that the increase in the MSP of sugar by the government will increase the price of sugar in the retail market. This may increase the price of sugar in the coming days.
Request to make MSP Rs 42
Industry bodies, including the National Federation of Cooperative Sugar Factories (NFCSF), have urged the government to increase the MSP to at least Rs 42 per kg to help mills sustain operations amid rising production costs. Chopra said sugar production for the 2024-25 season (October-September) looks promising, with sugarcane sowing increasing to 58 lakh hectares so far from 57 lakh hectares in the same period last year.
Production is estimated to be 32 million tonnes
Sugar production in sugar season 2023-24 is estimated at 32 million tonnes, lower than 32.8 million tonnes in the previous season, but sufficient to meet the domestic demand of 27 million tonnes. Earlier, addressing the event, the Food Secretary said the Agriculture Ministry is conducting research to evaluate water requirements for making ethanol from different crops. Initial findings show that less water is required to make ethanol from sugarcane as compared to maize and rice.
Latest Business News