Fund-starved Maharashtra sugar industry pin hopes on the state’s new coalition government

The ailing Maharashtra cooperative sugar sector sees its fortunes reviving with the prospective installation of the three-party government in Maharashtra, which has the support of the Sharad Pawar-led Nationalist Congress Party (NCP), says a Business Standard report. A request for working capital support that the mills had made to Maharashtra State Co-op Bank Ltd, the apex bank in the state for cooperative lenders, […]

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Meat products and vegetable oils push global food prices to 26-month high in November

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World food prices rose significantly in November, reaching their highest point in more than two years, driven by jumps in the international prices of meat products and vegetable oils, the UN food agency said in its latest report. The FAO Food Price Index, which tracks monthly changes in the international prices of commonly-traded food commodities, averaged […]

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Downward revision in the sugar production to support the domestic sugar prices in the near term: ICRA

Domestic sugar production estimates for sugar year SY2020 are revised downwards by 7.8% to 26 million tonnes from the earlier preliminary estimate of 28.2 million tonnes (given by ISMA in July 2019). This along with the expected exports of 3.5 million tonnes (as against the government’s target of 6 million tonnes) in SY2020 is likely […]

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Cabinet approves extension of jute packaging norms for foodgrains and sugar

The Cabinet has approved extension of norms for mandatory packaging of foodgrains and sugar in jute material for the Jute Year 2019-20. The decision taken by the Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, mandates that 100 per cent of the foodgrains and 20 per cent of sugar will be mandatorily […]

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On India’s cue, USDA cuts global sugar production forecast

Global sugar production for 2019/20 is estimated down 6 million tonnes to 174 million primarily due to the 5-million tonne drop in India resulting from lower area and expected yields, the United States Department of Agriculture’s (USDA) Foreign Agricultural Service (FAS) said in its latest report. Brazil and India are essentially tied as top producers. […]

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India extends moratorium by six months on Rs 15,000 crore soft loan to sugar mills

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As the Rs 15,000 crore soft loan scheme for sugar mills is moving at a snail’s pace, the government has extended the moratorium period for repayments by six more months, according to sources. Now, the moratorium period is one-and-a-half years. A moratorium period is a time during the loan term when the borrower is not […]

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USDA revises down India’s sugar production forecast for marketing year 2019

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India’s out-year centrifugal sugar production will decline for the second consecutive year to 29.3 million tonnes, which is 14.6 per cent below the previous season, according to the latest data compiled by United States Department of Agriculture (USDA). This forecast includes 620,000 tonnes of khandsari (a local type of low-recovery sugar prepared by open-pan evaporation) […]

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