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Sugar May Taste Sweet Again , Centre Likely To Allow Mills To Sell Imported Raw Sugar To Other MillsBy ugesh sarkar, Section Business
To speed up sugar processing and augmenting domestic supply to bring down prices, the Centre may allow one mill to sell to another imported raw sugar lying idle at ports. Nearly nine lakh tonne raw sugar is lying at ports after the Uttar Pradesh government banned its processing till the end of crushing season after farmers' protest over cane pricing.
The issue was discussed at a meeting called by Prime Minister Manmohan Singh and attended by Agriculture Minister Sharad Pawar. Pawar, in the line of fire for skyrocketing prices of food, sugar and other commodities, was accompanied by owners of large sugar mills from Utter Pradesh and Maharashtra. A final decision on the matter is expected tomorrow after technical modalities are discussed at a meeting called by the Union Cabinet Secretary. Sources say the Prime Minister wanted first hand information before taking a decision. Mill owners had urged the Prime Minister to deregulate the industry and also apprised him about problems they were facing in Uttar Pradesh. Manufacturers are believed to have assured reduction in prices if supply of sugar was strong. In addition to the issue of processing imported raw sugar, the overall price situation was also discussed, sources said, adding that it was discussed that outright sale of imported sugar should be allowed. Click On "Full Story" For More...
In order to tame rising sugar prices in the domestic market, the Centre had recently relaxed import of refined sugar at zero duty up to the end of this year. The Cabinet Committee on Prices (CCP) allowed millers in Uttar Pradesh to process imported raw sugar in other states following the ban imposed by the state. However, the processing is yet to start as there is a disagreement over processing charges.
The Prime Minister is also understood to have discussed with Pawar the February 6 meeting of Chief Ministers, called on twin challenges of arresting rising prices of essential commodities and tackling internal security. Meanwhile, Pawar said government's measures on sugar have cooled down prices of the sweetener. "Fortunately, Indian industry is importing raw sugar in a big way. The government has allowed them to process anywhere in the country. That itself has resolved substantial problem." He said retail sugar prices were coming down but not in proportion to the decline in wholesale prices. Amid speculations that the Reserve Bank may squeeze money supply to rein in surging food prices, Pawar said monetary measures were not required to contain food inflation. The RBI in its monetary policy review on Friday is expected to draw out liquidity from the system to prevent spread of inflation to manufactured items.
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