The government of India has been successfully maintaining stable retail prices of sugar in the country. As a proactive measure to combat hoarding and curb unscrupulous speculation in the sugar market, the Government has issued orders to mandatory disclose the stock position of sugar for Traders/Wholesaler, Retailer, Big Chain Retailer, and Processors of Sugar on the portal (https://esugar.nic.in) of Department of Food and PD on every Monday.
This mandatory weekly stock disclosure for these entities is another proactive step in the government of India's efforts to maintain a balanced and fair sugar market. By preventing hoarding and speculation, GoI is aiming to ensure that sugar remains affordable for all consumers. This proactive measure empowers regulatory authorities to closely monitor stock levels and take prompt action against any potential market manipulation.
This fully digital initiative will facilitate smooth sugar market with deterrence to commodity hoarders from any speculative transactions. Besides, it will also provide real-time data on sugar stocks and help the government to make further policy decisions, as and when the need arises, to mitigate the impact of rumors of rising sugar prices on consumers and the industry.
Further, the government is also expecting cooperation from sugar mills and traders to adhere to the relevant laws and monthly domestic quota norms. Strict action will be taken against the mills violating the same.
With 83 LMT at the end of August 2023 and the expected beginning of crushing in Oct 2023, India has sufficient stocks for domestic consumption with absolutely no shortage for festivals. In fact, the government has released the first tranche of the domestic sales quota of 13 LMT, which sugar mills can start selling with immediate effect. More quotas will be released in due course in view of market conditions.
Thus, the government is committed to ensuring sugar for domestic consumers at reasonable prices throughout the year.