Sugar industry representatives meet PM Modi

With arrears to canegrowers touching a record high at Rs 21,000 crore, the sugar industry on Monday made a strong plea to government for buyout of 10 per cent of its production for creating a buffer stock to solve the crisis the sector was facing. 

A delegation led by former Agriculture Minister Sharad Pawar, comprising of MPs and representatives of cooperative sugar industry and Indian Sugar Mills Association (ISMA) met Prime Minister Narendra Modi to press for the demand. “The buy out of 10 per cent of sugar production is the best...and the quickest way to reduce the cane price arrears of our farmers,” the delegation said in a memorandum to the Prime Minister. The delegation also sought financial restructuring of loans to the sugar mills 

noting that the current situation was unprecedented in the wake of surplus sugar production continuously in last five years and an expected 100 lakh tonnes of carry forward stocks at the end of the current season. The MSCSFL sought support of the Centre to sugar mills by way of Rs 850 per tonne.