NEW DELHI: (PTI) To curb the rising sugar prices, the government may consider taking more steps that includes releasing additional quantities of the sweetener in open market, a top food ministry official said. The government on Saturday had announced that it will release five lakh tonne of sugar in August-September as it found that prices were rising despite sufficient availability.
“In 2008-09 season, sugar production is estimated to be 22 million tonne while in 2009-10 the production is expected at 25 million tonne. So there is no problem of availability,” the official said. The domestic demand is about 21 million tonne, he said while disagreeing with reports in the media that India would have to import sugar in 2009-10 season. The official expressed concern over the increase in sugar rates and did not rule out “mischief” by some unscrupulous elements in the market.
In the statement issued late last week, the department of food and public distribution said: “In the last few days prices of non-levy sugar in the open market have increased in spite of much higher availability of sugar in the September quarter, compared to last year.” The rise in sugar prices assumes importance as it has more than 3 per cent weightage on the wholesale price index, on which inflation is calculated. Inflation has crossed 12 per cent mark for the week ended July 26.
Sugar prices in the spot market increased to Rs 1,885 per quintal yesterday from Rs 1,461 per quintal on October 1, when the 2007-08 sugar season started. The production this season is estimated at 26.5 million tonne. The closing stock at the end of current 2007-08 sugar season would be 110 lakh tonne, taking the total availability in 2008-09 season at 330 lakh tonne...The Economic Times
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