Motilal Oswal
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Motilal Oswal
May 16, 2018 01:02 PM | Business

Up to 40% sugar mills in India may not get government's financial assistance, says ISMA

Up to 40% of the sugar mills may not be able to take advantage of the government’s financial assistance, said Abinash Verma, Director General, Indian Sugar Mills Association (ISMA).

Verma said, "Sugar prices continue to decline, even as government has been tinkering policies a bit here and there and trying to give a financial assistance."

Government’s assistance is available only to those mills that complied with all Department of Food and Public Distribution (DFPD) directives. Sugar mills was unable to comply with stock holding limits.

Verma believes this is a very sad event if 40% of the industry is out of the benefits of a government’s scheme. The main reason for that is applicability of a condition which got over in February or March.

"If the government announces the scheme or benefits for anybody it should not have a condition which we cannot fulfill today," he added.
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