Sugar production in Maharashtra reaches 11.54 lakh tonnes
Maharashtra has produced 11.54 lakh tonnes of sugar from 146.23 lakh tonnes of crushed sugarcane, with an average recovery rate of 7.87% during the current marketing season. The Indian government announced tax relief measures, including reducing surcharges and offering concessional duty rates for cooperative sugar mills. India’s sugar production is expected to decline in 2024-25 but rebound in 2025-26, while global sugar prices may remain high due to weather challenges in Brazil and increased production in Thailand.
Maharashtra has produced 11.54 lakh tonnes (115.42 lakh quintals) of sugar during the current marketing season, with 146.23 lakh tonnes of sugarcane being crushed so far. The average sugar recovery rate stands at 7.87 percent. Despite this, sugar production is still ongoing.
The Indian government has announced a set of tax relief measures aimed at benefiting cooperative societies, including sugar mills.
These measures involve a reduction in the surcharge, relaxation in the cash turnover limit, a concessional duty rate for new manufacturing units, and an estimated Rs 10,000 crore relief for addressing long-standing tax issues within cooperative sugar mills.
Looking ahead, domestic sugar production in India is anticipated to decline in the 2024-25 marketing season, but a rebound is expected for 2025-26. Both Maharashtra and Karnataka are projected to see an increase in sugarcane production.
If favorable weather conditions persist, the Indian government may allow the export of 30 to 50 lakh tonnes of sugar in the next season.
The domestic demand for sugar is forecast to hit a new record of 300 lakh tonnes, growing at an annual average rate of 2.2%. Globally,
sugar production is expected to face challenges due to dry and hot weather in Brazil, a major producer and exporter,
while production in Thailand is expected to increase, potentially boosting global sugar supply. Consequently, global sugar prices are expected to remain relatively high.
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Source : Investing.com
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