Govt allocates additional 2 lakh tonne sugar in domestic quota for Aug
₹ 43.30 per kg and is likely to remain in range bound only. There has been less than 2% annual inflation in the country in sugar prices in last 10 years," the ministry of consumer affairs, food & public distribution said.
For the ongoing sugar season of 2022-23, India is projected to produce 330 lakh tonne of sugar after diverting about 43 lakh tonne for ethanol production. Domestic consumption is expected to hover around 275 lakh tonne, it added.
The country currently boasts sufficient sugar stocks to meet its domestic demand for the remaining months of the current season, with an estimated optimum closing stock of 60 lakh tonne available by September 30, 2023. This ample supply is enough to sustain sugar consumption for approximately two and a half month.
It's worth noting that the recent uptick in sugar prices is likely to subside soon. Historically, sugar prices tend to rise between July and September, just before the start of the cane-crushing season.
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