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April 17, 2018 03:03 PM | Economy

Fears of reaching the bottom of cycle in terms of sugar prices, says ISMA

"At this pace if no intervention from the government happens, we fear that sugar prices might reach the bottom level that we saw two years back,” says Abinash Verma, Director General of Indian Sugar Mills Association (ISMA).

Speaking to CNBC-TV18, Verma said, "Sugar price situation is looking bad and prices are dropping very fast, almost every 10 days one is seeing that the prices have fallen anywhere between 0.50 paise to Re 1 per kilogram. "

“We can still expect some more sugar coming into the country. Sugar price situation is looking bad and prices are dropping very fast, almost every 10 days one is seeing that the prices have fallen anywhere between 0.50 paise to Re 1 per kilogram,” he said.

Verma said that Indian sugar industry has already produced 299.80 lakh tonnes of sugar and around 50 lakh tonnes of sugar is surplus now.

To solve the problem of surplus sugar in the country,  he wants the government to export it.

 
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