'Sugar production likely to go up by 24% this year'

India's sugar production is estimated to go up by almost 24 per cent to 25.1 million tonnes in sugar year 2017-18 starting October, industry body Indian Sugar Mills Association (ISMA) said on Thursday.

"We have done survey with millers. The sugar production this year should be 25.1 million tonnes," ISMA Director General Avinash Verma said at a press conference here.

In 2016-17, sugar production had slumped 20.2 million tonnes due to drought-like situation in sugar producing Maharashtra and southern states.

ISMA said the opening balance when new sugar year starts from October would be four million tonnes, which is quite below the normal. However, this had no impact on prices, Verma said.

"Sugar prices have been stable in last 7-8 months. The market is not giving any kind of signal that it under any kind of panic. It is neither showing any increase in prices in last two to three months," he said.

The National Federation of Cooperative Sugar Factories (NFCSF), body representing cooperative sugar mills, has already estimated the sugar output to be 25.1 million tonnes.

--IANS

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