Absence of India in international market results in surge in sugar prices globally: Prakash Naiknavare at VSI Conference

Pune: Prakash Naiknavare, Managing Director of the National Federation of Cooperative Sugar Factories Limited, addressed the delegates at the third International Sugar Conference organized by the Vasantdada Sugar Institute (VSI). He highlighted that India, the world’s second-largest sugar producer, contributes over 18% to global sugar production. Additionally, India is the largest consumer of sugar globally, accounting for more than 16% of global sugar consumption.

Speaking at the conference, Naiknavare emphasized the significant increase in global sugar prices due to India’s absence from international markets. Currently, Brazil is capitalizing advantage of India’s absence, benefiting from record sugar production and exports in the ongoing season. India is strategically shifting focus towards diverting sugar into ethanol production rather than prioritizing exports.

Naiknavare remarked that India would remain absent from the global sugar market as long as ethanol remains more economically attractive.


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