Local sugar supplies may pip demand in 2023-24, industry estimates

This comes even as there could be a deficit globally

Though there could be a sugar deficit globally in the 2023-24 season, which starts from October, most trade associations, industry bodies and the government believe that domestic supplies may outstrip demand. This scenario is likely even after accounting for ethanol diversion next year.

“We believe if production remains around 31.7 million tonnes in 2023-24, as estimated by us in June, and opening stock is around 5.5 million tonnes, sugar supplies (in India) should be around 37.2 million tonnes. So, consumption could be somewhere near 28 million tonnes. Hence, there is no reason to panic,” president of Indian Sugar Mills Association