As a proactive measure to combat hoarding and speculation, the Government has directed sugar traders, retailers, wholesalers, big chain retailers and processors to disclose their stocks on government portal on a weekly basis.
In a statement, the food ministry, however, said on Thursday that the country has sufficient stocks for domestic consumption with absolutely no shortage for festivals. The government has been successfully maintaining the stable retail price of sugar in the country.
However, as a proactive measure to "combat hoarding and curb unscrupulous speculation" in the sugar market, the ministry has issued orders to mandatory disclose every Monday stock positions for traders, wholesalers, retailers, big chain retailers and processors of sugar on the portal (https://esugar.nic.in).
"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 ministry said, adding that by preventing hoarding and speculation, the government wants to ensure that sugar remains affordable for all consumers.
This proactive measure empowers regulatory authorities to closely monitor stock levels and take prompt action against any potential market manipulation, it noted. The fully digital initiative will facilitate a smooth sugar market with deterrence to commodity hoarders from any speculative transactions.
Besides, it will provide real-time data on sugar stocks and help the government to make further policy decisions, as and when required, to mitigate the impact of rumours of rising sugar prices on consumers and the industry.
Further, the ministry asked sugar mills and traders to adhere to the relevant laws and monthly domestic quota norms. "Strict action will be taken against the mills violating the same," the statement said.
With 83 lakh tonne of sugar stock at the end of August and the expected beginning of crushing from next month, India has sufficient stocks for domestic consumption. The government has released the first tranche of the domestic sales quota of 13 lakh tonne, which sugar mills can start selling with immediate effect. "More quota will be released in due course in view of market conditions," the ministry added.