ISMA urges govt to increase MSP to Rs 35-36 per kg

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NCDEX TipsIndian Sugar Mills Association (ISMA) has sent a letter to the government asking for the minimum selling price (MSP) to be raised to 35-36 rupees ($0.49-$0.51) a kilogram at factory gates from 29 rupees currently.

Sugar stockpiles in India, which is set to become the world’s biggest producer, almost doubled to 15.4 million tons as of Dec. 31 from a year earlier following bumper output, according to ISMA data.

Higher local prices will prompt millers to sell more in the domestic market and potentially reduce exports, supporting global prices. The mills are also under pressure as cane growers seeking one-time payments.

Indian mills owed about 190 billion rupees to farmers as of Dec. 31. The dues may climb to as much as 350 billion rupees if their cash flow doesn’t improve.

Disclaimer:- The views and investment tips expressed by investment experts are their own. Ripples Advisory advises users to check with certified experts before taking any investment decisions.

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