Sugar trade: Business physique ISMA revises 2023-24 sugar manufacturing estimate upwards by 2.9%

The Indian authorities has put a cap of diversion of 1.7 million tonnes of sugar for ethanol manufacturing in 2023-24 to make extra sugar obtainable for the shoppers as there have been considerations over the manufacturing of sugar as a result of drought in Maharashtra and Karnataka.

In response to the info offered by Maharashtra authorities, the state’ sugar manufacturing as on March 12 stood at 9.9 million tonnes in opposition to 10.15 million tonnes produced on the identical day of earlier 12 months; down by 2.42%.

“The sugarcane availability in Maharashtra and Karnataka is greater than what was anticipated earlier. Nevertheless, cane availability in one other main state Uttar Pradesh is predicted to be decrease than earlier estimates,” stated ISMA in a press release.

It added, “Accordingly, ISMA has revised its All-India sugar manufacturing estimate for 2023-24 SS (earlier than diversion into ethanol) as 340 lac tons, in opposition to its earlier estimate of 330.5 lac tons launched in January’ 2024.

ISMA has additionally famous that the sugar manufacturing within the nation until March 12 was 255.5 lakh tonnes after diversion of sugar for ethanol.The sugar trade representatives have been demanding that the federal government ought to enable diversion of some extra portions of sugar in the direction of manufacturing of ethanol. The federal government has been making an attempt to maintain sugar costs underneath management. Final month, it additionally made it obligatory for every sugar mill to promote at the very least 90% of its month-to-month sugar sale quota.