 "sugar, export")
India will assume the chairmanship of the International Sugar Organisation (ISO), an apex body for sugar and related products, for 2024, the government said on Friday.
India is the largest consumer and second largest producer of sugar in the world.
"In its 63rd council meeting, ISO, headquartered in London, has announced India to be the chair of the organisation for 2024. This is a huge achievement for the country to lead the global sugar sector and is a reflection of growing stature of the country in this domain," the food ministry said in a statement.
While attending the ISO Council Meeting, Union Food Secretary Sanjeev Chopra sought support and cooperation from all member countries during its period of chairmanship of ISO in 2024.
The focus would be on bringing together all member countries to adopt more sustainable practices in sugarcane cultivation, sugar and ethanol production and better utilisation of by-products, he said.
"With about 15 per cent share in global sugar consumption and about 20 per cent production of sugar, Indian sugar trends affects the global markets profusely. This leading position makes India the most suitable nation to lead ISO which is the apex international body on sugar and relating products having about 90 countries as members," the statement said.
More From This Section
With Brazil in the western hemisphere, India is the market leader in eastern hemisphere for the sugar market.
"Now, being the 3rd largest country in the world in ethanol production after USA and Brazil, India has shown commitment towards green energy and its capability to twist the challenges of surplus sugar in domestic market to solution of fossil fuels imports and a tool to meet COP 26 targets for India," the ministry said.
Ethanol blending percentage in India has increased from 5 per cent in 2019-20 to 12 per cent in 2022-23 while the production has increased from 173 crore litres to more than 500 crore litres during the same period.
The ministry said that the era of pending cane dues of farmers has become a thing of past. More than 98 per cent cane dues of last season 2022-23 have already been paid and more than 99.9 per cent cane dues of previous seasons are clear.
"Domestic sugar retail prices are consistent and stable. While the global prices are hiked by about 40 per cent in one year, India has been able to contain sugar prices within 5 per cent increase from last year without putting additional burden on the industry," the ministry said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
