The Indian government has advised sugar trade stakeholders to report their stocks on the Ministry of Food’s website by October 17. Failing may result in fines…
Sugar industry stakeholders received a final warning from the Central government. They must reveal their sugar stockpiles on the Ministry of Food website by October 17. The administration has threatened harsh penalties for noncompliance. On September 23, the Food Ministry ordered sugar stakeholders to report stock weekly on its website. Sugar stakeholders include wholesalers, retailers, large retailers, and processors.
Many wholesalers, retailers, and large retail sugar traders have not registered on the sugar stock management system, according to the Ministry of Food. The ministry informed stakeholders that the Sugar and Edible Oil Directorate has received information that numerous facilities had large amounts of unaccounted sugar stock in a letter. These units neglect sugar stock disclosure, which breaches regulations and disrupts the sugar market.
The ministry requires all sugar industry entities to register on the Sugar Market Information System immediately. Not doing so by October 17 may result in penalties and restrictions. India may use 2.81 million tons of sugar this year. Shree Renuka Sugars, EID Parry, Balrampur Chini, Triveni Engineering, and Dalmia Bharat Sugar are among India’s major sugar firms.
The government is actively monitoring sugar stocks to keep prices under control amid concerns of a short domestic production season in 2023-24, which began this month.
Conclusion
The Central government has warned sugar trade stakeholders to report their sugar supplies on the Ministry of Food’s website by October 17. The administration has threatened harsh penalties for noncompliance. The Ministry of Food uncovered several wholesalers, retailers, and large retail sugar traders not listed on the sugar stock management system. The ministry requires all sugar industry entities to register on the Sugar Market Information System. Not doing so by October 17 may result in penalties and restrictions. Top sugar businesses Shree Renuka Sugars, EID Parry, Balrampur Chini, Triveni Engineering, and Dalmia Bharat Sugar expect India to use 2.81 million tons of sugar this year. The government is actively monitoring sugar stocks to keep prices down amid concerns over a short domestic production season in 2023-24.
