Budget 2024: What does sugar industry want from government?
The sugar industry is also among those who expect some positive announcements from Finance Minister Nirmala Sitharaman on February 1 when she tables the interim budget in parliament.
Among the demands are — some of which are long-standing ones — a higher procurement price for ethanol produced from cane juice, an increase in the minimum selling price (MSP) in line with the increased Fair and Remunerative Price (FRP), and a preference for using sugarcane instead of maize in producing ethanol, among others.
Last month, the government allowed — after banning briefly — the utilisation of sugarcane juice and B-heavy molasses to produce ethanol but capped the diversion of sugar at 17 lakh tonnes. For now, the capping will be in place for the 2023-24 sugar season that ends in September this year.
Earlier, the government decided to extend restrictions on sugar exports beyond October 31 without specifying an end date. This has kept sugar prices in check, especially ahead of the general election scheduled for April-May 2024.
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