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Monday, July 15, 2024

India Leads Globally by Offering Highest Cane Price to Farmers

India has been announced as the Chair of the International Sugar Organization (ISO) for 2024, reflecting its growing status in the global sugar sector.

With a 15% share in global sugar consumption and 20% production, India’s sugar trends significantly impact global markets. The country is the largest consumer and second-largest sugar producer globally, making it an ideal candidate to lead the ISO.

India is the third-largest country in ethanol production after the USA and Brazil, demonstrating commitment to green energy and addressing surplus sugar in the domestic market.

Ethanol blending percentage in India has increased from 5% in 2019-20 to 12% in 2022-23, while production has grown from 173 crore litres to over 500 crore litres during the same period.

The Indian sugar industry has made significant progress in modernization, expansion, and diversification, utilizing by-products to generate additional revenue streams. During the Covid pandemic, the industry operated mills without government financial assistance and produced hand sanitizers to meet demand.

India is the payer of the highest cane price to its farmers, yet efficient enough to make profits without government financial assistance. Synergy between the government and sugar industry has rejuvenated the industry and transformed it into a major player in green energy. Cane dues pendency is low, with more than 98% of last season’s cane dues paid and 99.9% of previous seasons clear.

India has set an example by prioritizing farmers and consumers, maintaining consistent and stable domestic sugar retail prices. Despite global price hikes by about 40% in one year, India managed to contain sugar prices within a 5% increase without additional burden on the industry.

On the technical side, the National Sugar Institute, Kanpur, collaborates with countries like Indonesia, Nigeria, Egypt, and Fiji to share the latest technologies and best practices in the sector.

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Source: PIB

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