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Indian sugar mills win government package of $ 1 billion

India's sugar mills have just had good news: the government announces a $ 1 billion financial package to help businesses. The amount is for the mills to pay their quotas to sugarcane producers.
The information on the package, released on last Wednesday (06/06), includes the creation of a government stock to absorb excess sugar supply in the domestic market and the granting for mills of loans worth 45 billion rupees ($ 671 million) to increase their ethanol production.
The announcements were from the Minister of Food, Ram Vilas Paswan.


Indian sugar prices are under pressure from overproduction and the outlook for a larger sugarcane crop next year, which reduces mill margins.
The government movement also aims to please voters in the strategically important state of Uttar Pradesh, which is a major producer of the commodity.


June 2018
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