UP in favour of 12% hike in Sugar MSP
India’s biggest Sugar-producing state, Uttar Pradesh, appears to have favored a 12 percent increase in the government-set floor price for the sweetener even as farmers in another producing belt, Maharashtra, have begun agitations to secure payments for the cane already crushed at mills this season.
As 65 percent of the Sugar produced in the country is used by institutional buyers, if the MSP (minimum support price) of Sugar is increased from Rs 29/kg to Rs 32.50/ kg, is unlikely to affect the consumers that adversely, this move can also help Sugar mills clear the cane payment to farmers.
Cane arrears have been rapidly increasing across the country as prices of the sweetener remain subdued amid an anticipated supply glut.
According to the Uttar Pradesh Sugar commissionerate, Sugar mills in the state have paid 40 percent of the cane dues in the current year, while 96 percent of the previous year’s dues has also been paid.
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