PSMA says strict regulations may hinder sugar mills operations : Pakistan
The Pakistan Sugar Mills Association (PSMA) has declared that operating under current stringent regulations is unfeasible for mill owners. During an emergency meeting, PSMA members unanimously agreed not to begin the next crushing season until the industry is fully deregulated at both provincial and federal levels. The PSMA also seeks permission to export 1.5 million tonnes of surplus sugar.
LAHORE: The Pakistan Sugar Mills Association (PSMA) says that operating sugar mills under stringent regulations is unfeasible for mill owners.This was said during an emergency meeting of senior PSMA members, as reported by a PSMA spokesperson.
The spokesperson indicated that it was collectively agreed in the meeting that the sugar industry cannot begin the next crushing season under the current strict regulatory conditions. The consensus is that the next crushing season will not begin until the industry is fully deregulated at both the provincial and federal levels. The sugar industry also seeks to operate in a free market as done by other crops such as wheat, rice, and corn.
The mills will remain inactive until the existing sugar stock is depleted. The industry has been requesting permission to export 1.5 million tonnes of surplus sugar for several months, but the government has only authorized the export of approximately 0.25 million tonnes, according to a PSMA spokesperson.
Members from the Punjab zone have unanimously agreed that the mills cannot function while 1.25 million tonnes of surplus sugar remain in storage. These actions are intended to benefit farmers, as starting the next crushing season with existing stock would not be advantageous for growers concerning their payments. The market sale of sugar is currently limited.
The sugar industry is the only industry that remains a key contributor to the national economy, having deposited substantial foreign exchange in the national exchequer for the development and prosperity of the country without any government subsidy and without being a burden on the national grid for its energy needs.
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Source Link : https://www.thenews.com.pk/print/1225105-psma-says-strict-regulations-may-hinder-sugar-mills-operations
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