Finance minister Nirmala Sitharaman assures support to boost Tamil Nadu sugar industry

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Chennai: Due to various reasons, Tamil Nadu sugar industry is in deep crisis, and since long they are asking for financial assistance to come on track. Now, Union Finance minister Nirmala Sitharaman comes to their rescue. She was in Chennai to highlight the 100 days of Modi government, where she assured the millers of Centre’s help.

Assuring to revive the industry, she has promised to arrange a meeting with RBI and banks, where they can discuss and find a solution to uplift the sugar industry. She met the representatives of the sugar sector and spent almost 90 minutes discussing the hurdles faced by the sugar mills in Tamil Nadu.

Palani G Periasamy, president, South India Sugar Mills Association (SISMA) said, “She discussed in detail the move needed to be taken to find a solution. She is keen to find an instant remedy.”

According to the reports, many sugar mills are not being operated as the sugar industry in the state is struggling. Sugar mills in Tamil Nadu are facing financial crisis owing to the bank debt. Drought in the state has impacted the sugarcane production. The cane shortage has affected the mills as many were forced to shut it. EID Parry had to close the factory due to cane scarcity. Many mills also had to cut sugar production due to non-availability of sugarcane. Most companies having multiple mills were not able to operate all their mills to full to their capacity. Earlier millers have approached banks and requested to restructure the loan.

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