 Online edition of India's National Newspaper Sunday, Apr 26, 2009 ePaper | Mobile/PDA Version |
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National
NEW DELHI: As sugar prices hover between Rs. 26 and Rs. 32 a kg in retail markets, the Centre is trying to rope in consumer cooperatives for selling it at prices lower than the open market. The proposal is to ask sugar factories to sell directly to these cooperatives, including Kendriya Bhandars, at mutually agreed prices. It is likely that sugar may be available at these outlets at Rs 25 or Rs 26 a kg after taking into account the ex-factory price. An official-level meeting is being held next week to work out the modalities including the sale price. With the Centre worried about the spurt in sugar prices in the middle of Lok Sabha elections, official agencies have acted swiftly in contracting 54,700 tonnes of refined sugar from Thailand and Brazil. This is expected to land at Indian ports by May and June. Apart from this, about 16 lakh tonnes of raw sugar has also been contracted from Brazil, of which about eight lakh tonnes has landed in India. This sugar is meant to be processed and off loaded in the domestic market. The government has allowed import of 10 lakh tonnes of refined sugar and it expects import of 30 lakh tonnes of raw sugar to augment supplies in the domestic market and contain prices. Looking to the sudden spurt in the volumes of trading in sugar in futures market the government is likely to intervene to discourage speculation. Warning of stern measures against speculators and hoarders, senior officials of the Union Food Ministry have asked sugar mill owners to refrain from “faking figures” to show that they had sold their quota of weekly/fortnightly sugar releases. Food Secretary Alka Sirohi has shot off another letter to Chief Secretaries asking them to use all instruments at their disposal to prevent hoarding and speculation and ensure stock-holding limits on sugar. “This is a dynamic situation. We expect to have an additional 2.5 million tonnes of sugar in the market by September to augment supplies and check prices,” Joint Secretary (Sugar) in the Ministry of Food Nilanjan Sanyal told journalists here.
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