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Business Economy 29 Aug 2017 Govt puts limit on s ...

Govt puts limit on sugar stocks ahead of festive season to avoid price rise

REUTERS
Published Aug 29, 2017, 10:58 am IST
Updated Aug 29, 2017, 10:58 am IST
Sugar mills will not be allowed to hold more than 21 percent of their output in stocks by the end of September.
Government put a limit on sugar stocks held by mills to prevent them from artificially withholding sugar in storage in order to push up prices during the high demand festive season of September and October.
 Government put a limit on sugar stocks held by mills to prevent them from artificially withholding sugar in storage in order to push up prices during the high demand festive season of September and October.

New Delhi: India, the world biggest sugar consumer, on Tuesday imposed inventory level limits on sugar mills in an attempt to keep prices under control during the upcoming festive season.

Sugar mills will not be allowed to hold more than 21 percent of their output in stocks by the end of September, and they have to bring down stock level to 8 percent of output by the end of October, Indian food minister Ram Vilas Paswan said on twitter.

 

The measure is aimed at preventing mills from artificially withholding sugar in storage in order to push up prices during the high demand festive season of September and October.

India’s sugar production in 2016-17 marketing year ending on September 30 fell below consumption level, creating concerns of a shortage for the upcoming festive season.

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