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The decision of the central government to allow use of the 7 lakh tonnes of B Heavy Molasses for ethanol production will help the sugar industry get a revenue of Rs 2300 crores, said National Federation of Cooperative Sugar Factories (NFCSF), which represents the cooperative sugar mills of the country.
Sugar prices rise 4.5% in 2 weeks amid soaring summer demand from ice cream and beverage companies. Government increases April sales quota to 2.5 million tonnes. Rising mercury and election campaigning fuel the surge.
Sugar mills in India have paid Rs 78,000 crore to sugarcane farmers in the first six months of the current marketing season, a food ministry official said. Mills have cleared 87% of the total cane payment of Rs 90,000 crore till March 31 of the 2023-24 season. They have produced over 300 lakh tonnes of sugar so far this season.
The FAO's Food Price Index rose by 1.1 percent in March 2024, reaching 118.3 points. However, compared to the previous year, it was 7.7 percent lower.
Global food prices rose in March, driven by higher cooking oil prices, despite grains becoming cheaper. The UN's Food and Agricultural Organization reported a 1.1% increase in its Food Price Index to 118.3 points, the first rise since July. Vegetable oils surged 8.0%, dairy prices climbed 2.9%, and meat prices rose 1.7%. However, cereals prices fell 2.6% and sugar prices dropped 5.4%. The increase in food prices comes after a period of decline following Russia's invasion of Ukraine in February 2022.