Cabinet extends stock limit on sugar till April 2017

28 Oct 2016 Evaluate

In order to check sugar prices and discourage hoarding, Union Cabinet has approved extending the stock limit on sugar by six months from October 29, 2016 to April 28, 2017. A decision in this regard was taken in the Cabinet meeting chaired by Prime Minister Narendra Modi, stating that Cabinet has given its approval for extending the validity of the existing Central Order in respect of Sugar for a further period of six months from October 29, 2016 to April 28, 2017.

The official statement said that the main objective of the decision is to enable states to issue control order with the prior concurrence of central government, for fixing stock limits/licensing requirements in respect of sugar, whenever need is felt by them. This is expected to help in the efforts being taken to improve the availability of these commodities to general public at reasonable rates and control the tendencies of hoarding and profiteering. Sugar is currently quoting Rs 40-Rs 43 per kg in retail markets.

Earlier this year, the government had reimposed stock limits on sugar traders after a gap of five years due to rise in sugar prices following drop in domestic production, to ensure that sugar prices don’t surge due to manipulations by hoarders. Under this, each dealer or trader was allowed to stock up to 500 tonne in all states, barring parts of West Bengal. The stock-piling limit for a dealer in Kolkata and extended areas in West Bengal has been set at 1,000 tonne, which is the largest trading centre for the commodity in the country. After imposing a stock limit on traders and mills, the government had withdrawn the subsidy of Rs 4.5 per 100 kg on sugarcane production and imposed a 20% duty on export to rein in the rise in sugar prices.

The government has taken a series of measures in recent months to curb a rise in sugar prices, including suspending an earlier order for the compulsory sugar exports of 3.2 million tonne and putting curbs on stocks held by mills in the festive season. According to an estimate by the Indian Sugar Mills Association, Sugar production of India is likely to decline by 7% to 23.2 million tonnes in 2016-17 marketing year (October-September) from 25 million tonnes in the previous year.

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