India's Sugar Stocks Hit 9-Year Low Amid Price Hike
Congress President Mallikarjun Kharge has criticized the Indian government over rising sugar prices and low stocks, questioning its 'Self-Reliant India' claim. In a post on X, Kharge asked three direct questions to the PM Modi government: why is the sugar stock in India at its lowest level in 9 years, how did it reach the point of halting exports and importing 1 million tons of sugar duty-free, and why isn't the policy of diverting sugarcane and grain to produce Ethanol for E20 being reviewed? Kharge noted that the price of sugar has increased by nearly 40% in three months.
The Ministry of Consumer Affairs, Food and Public Distribution attributed the recent rise in retail sugar prices to a combination of factors, including lower-than-expected domestic production, increased demand ahead of the festive season, weather-related damage to the sugarcane crop, tightening global supplies, and speculation and hoarding. The government also stated that adequate stocks are available to cover domestic demand until the new crushing season begins in October.
Kharge's criticism targets the Centre's ethanol blending policy, saying 'First, sugar production declined, then stocks reached their lowest level in 9 years, now we're importing sugar from abroad and on the other hand, we're throwing sugarcane into Ethanol to blend with petrol!.'