Centre asks sugar traders, retailers, wholesalers to disclose stocks

“As a proactive measure to combat hoarding and curb unscrupulous speculation in the sugar market Government has issued orders to mandatorily disclose the stock position of sugar for traders/wholesalers, retailers, big chain retailers, and processors of sugar on the portal (https://esugar.nic.in) of Department of Food and Public Distribution on every Monday,” according to an official statement.

According to the government, this mandatory weekly stock disclosure is part of efforts to maintain a balanced and fair sugar market. By preventing hoarding and speculation, the government aims to ensure that sugar remains affordable for consumers. This measure empowers regulatory authorities to closely monitor stock levels and take prompt action against any potential market manipulation.

This initiative will facilitate a smooth sugar market with deterrence to commodity hoarders from any speculative transactions. Besides, it will also provide real-time data on sugar stocks and help the government make policy decisions to mitigate the impact of rumours of rising sugar prices on consumers and the industry.

“The measure of stock disclosure will bring transparency about the sugar stock situation in the country. The current season is at the very end, and the new sugar season will begin within a fortnight. There are a lot of noises going about the impact of deficit monsoon. It is important that there should be no ambiguity about the exact position of sugar stocks in the country,” said Uppal Shah, co-founder & CEO, AgriMandi.

As of Thursday, all-India average sugar prices in the retail market were up 1% month-on-month and 2.7% on year at ₹43.3 a kg. All-India wholesale prices were at ₹4,055 a quintal, an increase of 1% month-on-month and 3.4% on year, as per data frm the price monitoring division of consumer affairs department.

The Centre also asked sugar millers and traders to adhere to relevant laws and monthly domestic quota norms. Strict action will be taken against the mills violating the same.

“With 8.3 million tonne at the end of August and the expected beginning of crushing in October, India has sufficient stocks for domestic consumption with absolutely no shortage for festivals,” the government said. In fact, it has released the first tranche of the domestic sales quota of 1.3 million tonne which sugar mills can start selling with immediate effect. Additional quota will be announced in due course depending on market conditions.

“Thus, the government is committed to ensuring sugar for domestic consumers at reasonable prices throughout the year,” the statement said.

Updated: 21 Sep 2023, 08:30 PM IST