Business

Sugar Industry seeks Extension on Export Incentive Schemes

New Delhi, Jan 31: The Indian Sugar Mills Association (ISMA), while on the current sugar situation of the country on Friday demanded that the Centre should soon extend subsidy on exports of at least 2 million tonnes of raw sugar as it is reeling under debts of over 36000 crore rupees.

They also demanded a restructure of the borrowings in order to enable mills to clear mounting arrears to the cane farmers.

The association informed that all-India cane arrears have already reached 11000 crore rupees. They expressed fear that if corrective measures are not taken, then the figure can cross over the last year's peak of 13000 crore rupees.

"We need very quickly an export incentive scheme that is done last year to be continued this year. Already it has been delayed. I know our Government is working on it, but we really need this to be cleared by the Cabinet at the earliest because there is hardly one and a half to two months left for cutting and we can only export raw materials", said Vellayan, ISMA President. 

"What we would urge the government is that they need to pay attention to this industry in terms of the structural aspects on how FRP is fixed, how SAP is fixed by some states", Vellayan added.

-NNIS

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