G20 Sherpa Amitabh Kant on Saturday advocated for a "long-term predictability and consistency policy" for the sugar sector, which he said would be crucial in making India a developed economy by 2047. Kant's comments come as the industry presses for lifting a sugar export ban and increasing the minimum selling price of sugar in line with cane prices, among other demands.
"I totally agree that we need a long-term predictability and consistency of the policy. Otherwise, it will be difficult for the sector," Kant said at a conference organized by All India Sugar Trade Association (AISTA).
Highlighting the sector's importance, Kant noted that sugar contributes 1.1 per cent to the country's GDP and plays a pivotal role in reducing crude import bills, energy transition, promot ..
"The sugar industry will be a major driver to make India a developed economy by 2047," he added.
Kant urged the industry to explore diversification beyond ethanol and invest in research for developing high-yielding, low water-consuming cane varieties, given India's limited water resources compared to the top producer Brazil.
Union Minister of State for Food Nimuben Bambhaniya said the government has taken several steps towards making India self sufficient in sugar.
Industry leaders at the event pushed for policy changes and export allowances.
Atul Chaturvedi, Executive Chairman of Shree Renuka Sugars Ltd, said India's sugar export ban has benefited Brazil significantly.
"Even if India opens the exports, it will get crumbs as the cream has gone," Chaturvedi said.
Harshwardhan Patil, Chairman of National Federation of Cooperative Sugar Factories (NFCSF), urged the government to permit export of 2 million tonne of sugar, warning that frequent policy changes could lead to industry collapse.
Patil also revealed that NFCSF is preparing a 10-year roadmap with long-term policy suggestions for the sugar industry, to be submitted to the central government next month.
Source Name : Economic Times