NFCSF Demands a Grant for Further Export of Sugar

NFCSF Demands a Grant for Further Export of SugarThe cooperative sugar factories body National Federation of Cooperative Sugar Factories (NFCSF) had appealed for an approval for exports of another 500,000 tonnes of sugar was denied by Indian Government, revealed the Union Minister of the state for food consumer affairs and public distribution, K. V. Thomas.

India is the second largest sugar producer and consumer; the government had approved exports of 1 million tonnes of sugar this year under the open general license scheme so as to balance the price level of sugar in India, which was marked below the production cost this year, due to excess of supply over demand.

As per Mr. Vinay Kumar, Managing Director of the National Federation of Cooperative Sugar Factories Ltd, “We have asked the Food Ministry to allow export of this additional quantity, as the domestic stocks position is comfortable and global prices are also good”.

Mr. Thomson revealed that Government of India was not in a hurry to increase its exports. Moreover, it was planning to allow more exports of sugar from September. The government was also planning to utilize its carryover stock of 5.9-6.1 million tonnes. The production of sugar this year is expected to be 24 million tonnes, an increase from the previous year’s production that was 18.9 million tonnes.