<p>Amid surge in price of sugar in the international markets, the central government on Thursday directed all traders, including wholesalers and retailers to mandatorily disclose their stock on a weekly basis on every Monday.</p>.<p>As per the Ministry of Consumer Affairs, Food & Public Distribution, the move would help the government in keeping a close watch over sugar stocks, and thus prevent hoardings.</p>.<p>The Directorate of Sugar & Vegetable Oils on Thursday issued an order in this regard. The directive is also targetted at big chain retailers, and processors of sugar, requiring all to update their stock position on the e-sugar portal immediately and then, on every Monday.</p>.Curb production & sale of illegal liquor, recover tax arrears: Karnataka CM to officials.<p>“This mandatory weekly stock disclosure for these entities is another proactive step in the Government of India's efforts to maintain a balanced and fair sugar market,” the union Ministry of Consumer Affairs, Food & Public Distribution said in a statement. </p>.<p>By preventing hoarding and speculation, the Government of India is aiming to ensure that sugar remains affordable for all consumers, it added.</p>.<p>The ministry claimed that the retail price of sugar in the country remained stable despite a sharp jump in prices in the international markets. Sugar prices have witnessed an upward trend in the recent months due to a substantial drop in production in major exporting countries like Thailand and Indonesia. </p>.<p>A surge in prices in the global markets has given rise to the fear that the prices may also move upward in the Indian markets. The country is already grappling with high retail inflation due to a surge in food prices. Increase in sugar price would further worsen the situation.</p>.<p>The Ministry of Consumer Affairs, Food & Public Distribution said the mandatory reporting of stocks is a proactive measure to combat hoarding and curb unscrupulous speculation in the sugar market.</p>.<p>“This fully digital initiative will facilitate a smooth sugar market with deterrence to commodity hoarders from any speculative transactions,” the ministry said.</p>.<p>Besides, it will also provide real-time data on sugar stocks and help the Government to make further policy decisions, as and when need arises, to mitigate the impact of rumours of rising sugar prices on consumers and the industry, it added.</p>.<p>However, the government claimed that there is a sufficient stock of sugar in the country to meet the domestic consumption demands.</p>.<p>With 83 lakh tonnes at the end of August 2023 and expected beginning of crushing in October 2023, India has sufficient stocks for domestic consumption with absolutely no shortage for festivals, the ministry said.</p>.<p>It further noted that the Government has released the first tranche of domestic sales quota of 13 lakh tonnes, which sugar mills can start selling with immediate effect. More quota will be released in due course in view of market conditions, it added. </p>
<p>Amid surge in price of sugar in the international markets, the central government on Thursday directed all traders, including wholesalers and retailers to mandatorily disclose their stock on a weekly basis on every Monday.</p>.<p>As per the Ministry of Consumer Affairs, Food & Public Distribution, the move would help the government in keeping a close watch over sugar stocks, and thus prevent hoardings.</p>.<p>The Directorate of Sugar & Vegetable Oils on Thursday issued an order in this regard. The directive is also targetted at big chain retailers, and processors of sugar, requiring all to update their stock position on the e-sugar portal immediately and then, on every Monday.</p>.Curb production & sale of illegal liquor, recover tax arrears: Karnataka CM to officials.<p>“This mandatory weekly stock disclosure for these entities is another proactive step in the Government of India's efforts to maintain a balanced and fair sugar market,” the union Ministry of Consumer Affairs, Food & Public Distribution said in a statement. </p>.<p>By preventing hoarding and speculation, the Government of India is aiming to ensure that sugar remains affordable for all consumers, it added.</p>.<p>The ministry claimed that the retail price of sugar in the country remained stable despite a sharp jump in prices in the international markets. Sugar prices have witnessed an upward trend in the recent months due to a substantial drop in production in major exporting countries like Thailand and Indonesia. </p>.<p>A surge in prices in the global markets has given rise to the fear that the prices may also move upward in the Indian markets. The country is already grappling with high retail inflation due to a surge in food prices. Increase in sugar price would further worsen the situation.</p>.<p>The Ministry of Consumer Affairs, Food & Public Distribution said the mandatory reporting of stocks is a proactive measure to combat hoarding and curb unscrupulous speculation in the sugar market.</p>.<p>“This fully digital initiative will facilitate a smooth sugar market with deterrence to commodity hoarders from any speculative transactions,” the ministry said.</p>.<p>Besides, it will also provide real-time data on sugar stocks and help the Government to make further policy decisions, as and when need arises, to mitigate the impact of rumours of rising sugar prices on consumers and the industry, it added.</p>.<p>However, the government claimed that there is a sufficient stock of sugar in the country to meet the domestic consumption demands.</p>.<p>With 83 lakh tonnes at the end of August 2023 and expected beginning of crushing in October 2023, India has sufficient stocks for domestic consumption with absolutely no shortage for festivals, the ministry said.</p>.<p>It further noted that the Government has released the first tranche of domestic sales quota of 13 lakh tonnes, which sugar mills can start selling with immediate effect. More quota will be released in due course in view of market conditions, it added. </p>