Govt likely to raise Sugar MSP by 10% to Rs 32 per quintal
The Centre is likely to revise the Sugar minimum selling price (MSP) by 10 per cent from its current level of Rs 29 a quintal to Rs 32 a quintal in the weeks ahead.
Last year, the Union food ministry had fixed the ex-factory Sugar sale price at Rs 29 a quintal to help domestic sugar mills amid falling retail Sugar prices and the export-market squeeze owing to a global glut in the sector.
However, following a build-up of Sugarcane outstanding and the start of the fresh crushing season 2018-19, the industry had been demanding a higher Sugar sale price of around Rs 35 a quintal to improve margins and for speedier settlement of arrears.
In June 2018, the Centre had announced a Rs 7,000 crore package to ease liquidity in the Sugar sector, while fixing MSP of white (refined) Sugar at Rs 29 a kg. Besides, the Cabinet Committee on Economic Affairs (CCEA) announced the creation of a buffer stock of 3 million tonnes (MT) of Sugar.
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