| Date: |
20-10-2010 |
| Subject: |
Time is Ripe for Sugar Exports: India Farm Minister |
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NEW DELHI : India’s Farm Minister, Sharad Pawar has said the time is ripe for sugar exports that the global prices for sweetener have almost at its peak and the country could benefit from the prevailed scenario.
The Minister has backed traders and farmers demand of bringing exports under open general license (OGL) and went on to say that he would ignore opposition in taking a decision on exports.
Pawar said that the global prices are hovering around $693 a ton and the domestic production is projected to be nearly 25 million tons, which is more than the country’s annual requirement.
The Centre has allowed advanced license export obligation of about one million tonnes for exports. Exports under OGL were banned in February 2009 in the wake of a fall in sugar output to 14.7 million tonnes in 2008-09. The 2009-10 output was 19 million tonnes.
Mills said there was a mismatch of around Rs 250 a quintal between the production cost and the selling price. The realization is estimated at Rs 2,450 a quintal while the production cost is Rs 2,700 per quintal. They say pressure on them will be eased if they are allowed to export.
Source : commodityonline.com
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