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  4. Govt gives ultimatum to sugar sector stakeholders, asks them to disclose stocks by October 17

Govt gives ultimatum to sugar sector stakeholders, asks them to disclose stocks by October 17

The Food Ministry observed that many of the legal entities dealing with sugar trade/storage have still not registered themselves on the sugar stock management system, which is a requirement for sugar businesses and storage.

Arushi Jaiswal Edited By: Arushi Jaiswal @JaiswalArushi New Delhi Published on: October 15, 2023 19:39 IST
REPRESENTATIVE IMAGE
Image Source : FILE REPRESENTATIVE IMAGE

The Central government has issued a final warning to stakeholders in the sugar trade. They have been instructed to disclose their sugar stocks on the website of the Ministry of Food by October 17. The government has stated that strict action will be taken against those who do not comply. The Food Ministry issued an order on September 23, instructing all sugar stakeholders to report their stock status on a weekly basis on its website. Sugar stakeholders include wholesalers, retailers, large retailers, and processors.

Many stakeholders have not registered themselves

The Ministry of Food has found that several wholesalers, retailers, and large retail sugar traders have not yet registered themselves on the sugar stock management system. In a letter to all stakeholders, the ministry said that the Sugar and Edible Oil Directorate has received information through various means that many units possess significant quantities of unaccounted sugar stock. These units are not regularly disclosing their sugar stocks, which not only violates regulatory structures but also affects the balance in the sugar market.

The ministry has instructed all units involved in the sugar industry to immediately register themselves on the Sugar Market Information System. Failure to do so by October 17 may result in penalties and restrictions. It is estimated that India could consume approximately 2.81 million tons of sugar this year. In India, the top sugar companies include Shree Renuka Sugars, EID Parry, Balrampur Chini, Triveni Engineering, and Dalmia Bharat Sugar, among others.

Notably, the government is closely monitoring the sugar stocks to keep prices under check amid apprehension of short fall in domestic production in the 2023-24 season that started from this month.

 

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