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The government of India today claimed that sugarcane price arrears have reduced. Sugarcane price arrears for sugar season 2015-16 have come down to Rs. 6,225 crore, as per a notification released by the government.
As on 8.06.2016, around 87% cane dues have been paid for the season. During the corresponding period of last year these dues were Rs. 19,437 crore, as per the notification.
Rating firm ICRA estimates domestic sugar production at around 25.2 million metric tonnes (MT) during the sugar year12016 (SY2016), a decline of 11% over the previous year. Lower production along with exports of around 1.6 million MT,is likely to bring down the closing stocks to around 7.6 million MT in SY2016 from around 9.5 million MT in SY2015.