Sugar, Rice Futures Later

The Union government does not have any immediate plans to set up futures market for sugar and rice, food and civil supplies minister Surjit Singh Barnala has said.

We will have to provide enough for the domestic market first and then create surplus for exports. The futures will come in due course of time, he said.

The proposed cotton futures could be delayed in view of poor crop this season (October 1997-September 1998), Barnala said.

Cotton crop has been damaged this season and at least 70 per cent of the crop has been lost in Punjab, he said, adding the government hoped to have a good crop in the next season.

The previous United Front government had given a go-ahead for domestic futures market for cotton and jute besides allowing international futures in castor oil.

For the present, the government would consider the B B Mahajan committee recommendations on fixing certain quota of sugar for exports. The Committee had recommended fixing a quota of at least one million tonnes of sugar for exports. We have to examine the Mahajan Commission report. It has made some recommendations on levy sugar. But we are yet to go into it, he said.