The Indian Sugar Mills Association (ISMA) has released its preliminary projections for the 2023-24 sugar season.
According to the ISMA, sugar production for 2023-24 season without considering diversion towards ethanol has been estimated at around 337 lakh tonnes, against 366 lakh tonnes estimated for 2022-23.
The sugar body has not estimated the diversion of sugar for ethanol production.
“This is particularly promising, considering that India’s average domestic sugar consumption stands at approximately 278.5 lakh tonnes, signifying a favourable equilibrium between production and consumption in the coming year,” ISMA added.
The diversion of sugar towards ethanol will be estimated only after the government declares the annual ethanol procurement price.