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India Mulling Raising Minimum Selling Price Of Sugar: Sources

12 Jan 2019 12:51 pm
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NEW DELHI (Commoditiescontrol) - The government is mulling raising the minimum selling price of sugar, as per sources.

The government had fixed minimum selling price for sugar at Rs 29 per kg. However, mills have claimed that it is insufficient to help them repay cane arrears and wanted the prices to be revised to Rs 35 a kg. According to sources, the government might agree to a level of Rs 32 a kg.

Prime Minister Narendra Modi's office was directly examining the proposal, said sources.

According to reports, the government is convinced that the export target of 5 million tonnes sugar in 2018-19 (Oct-Sept) looks unachievable, and thus may look at other avenues such as higher minimum sale price to lift the market.

Though global prices have risen 7 percent this week, exports are still not viable. The government wants to prop up sugar price so that mills can clear cane dues of farmers.

(By Commoditiescontrol Bureau)


       
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