Keeping a close watch over sugar stocks and trades to avoid hoardings, the government on Thursday issued orders to mandatory disclose the stock position of sugar for traders, wholesaler, retailer, big Chain Retailer and processors of sugar on its portal (esugar.nic.in) of Department of Food and Public Distribution on every Monday of the week.
"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," the government release said.
"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 need arises, to mitigate the impact of rumours of rising sugar prices on consumers and the industry," the release added.
Further, the Centre 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.
Source Name : Economic Times