No Shortage of Sugar in India, Retail Prices To Come Down: Industry Body ISMA

New Delhi: Sugar industry’s apex body ISMA on Monday asserted that there is no shortage of sugar in the country and prices in the retail market are expected to come down.

Addressing a press conference, Indian Sugar Mills Association (ISMA) President Niraj Shirgaokar said the prices have risen due to various factors, including speculative buying by traders and bulk consumers as well as lower production because of the bad weather conditions.

The ISMA president also categorically said that mills were not involved in creating artificial scarcity and jacking up the ex-mill prices.

Shirgaokar said the prices have started to ease following the government’s decision to allow duty-free imports of 1 million tonnes of raw sugar.

“India does not have a sugar shortage,” Shirgaokar told reporters here.

He said the closing stock of sugar at the end of September would be 35 lakh tonnes.

Moreover, the ISMA president said that the mills would start operations by around October 15 and produce around 10-12 lakh tonnes in the month of October.

The demand for the month of October would be 24-25 lakh tonnes, he added.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)