New Delhi : Sugar prices in India rose to a six-year high on Tuesday, amid concerns over a deficient monsoon. The government has maintained that there are sufficient stocks to meet demand during the upcoming festive season.
As per news report published in Hindustan Times, on Tuesday, wholesale sugar prices touched ₹37,750 a tonne, an increase of about 2.9% in a fortnight, highest since 2017, industry data showed. In the current season, India limited sugar exports to 6.1 million tonnes, compared to the 11.1 million tonnes exported in the previous season.
India’s sugar industry is regulated by the government, as sugar is considered an essential commodity, and its prices can significantly affect consumers.
The government has stated that, despite uneven rainfall, the cane crop in the country is in a “reasonable condition. As of September 1, the overall cane acreage stood at 5.9 million hectares, slightly higher than the 5.5 million hectares in the previous year.