New Delhi: Food Minister Ram Vilas Paswan has said that the government will soon take a decision on giving incentive for export of raw sugar.
"We are looking into the issue. As per our analysis we feel that export incentive can be given on 1.4 million tonnes of raw sugar. The Cabinet will have to take the decision," he said while inaugurating the 13th Commodity Futures Market Summit organized by The Associated Chambers of Commerce and Industry of India (ASSOCHAM).
"Till now our opening stock is about 72 lakh tonne and our production target is 250 lakh tonne which might increase, while 248 lakh tonne is for consumption so with remaining two lakh tonne we will have total sugar surplus of about 74 lakh tonne but since October-December is slack season so we need to keep sugar stock with us and if we keep about 20 lakh tonne for each month than it would come to 60 lakh tonne and so the remaining 14 lakh tonne could be exported," Paswan said.
On the announcement of sugar subsidy scheme, Paswan said, "Last year it was Rs. 3,300 per tonne then it came down to Rs. 2,200 and then it was revised to Rs. 3,371 and now we are working on how much we can keep this time round."
With regards to payment of arrears due to sugar farmers by millers, the minister said, "Central government's hands are tied in this regard but we are giving facilities whatever they had asked for.
The Union Minister also added that he would recommend the Finance Ministry to get rid of Commodity Transaction Tax (CTT).
