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Indian cane arrears could hit $3.8 billion as prices tank -industry

Business Finance

Reuters  |  MUMBAI 

By Rajendra JadhavMUMBAI (Reuters) - Cane arrears in India could leap to a record 250 billion rupees ($3.8 billion) in 2017-18 as a drop in sugar prices to their lowest level in 28 months made it difficult for mills to pay farmers mandatory cane prices, industry officials told Reuters.The record arrears, up from 20 billion rupees in the previous year, will force the world's second-biggest sugar producer to provide incentives for exports, increasing pressure on global sugar prices.Mills currently owe farmers 200 billion rupees, but the figure will rise unless the government offers incentives ...

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First Published: Tue, April 17 2018. 18:14 IST