Food prices showing a declining trend: Minister
Prices of sugar and wheat have shown a falling trend in last couple of days, Indian Farm Minister Sharad Pawar said on Thursday.
By PTI |
NEW DELHI: Prices of sugar and wheat have shown a falling trend in last couple of days, Indian Farm Minister Sharad Pawar said on Thursday. He said prices of the sweetener have shown a fall in various spot markets. In recent weeks, India extended duty free imports of white sugar until Dec 31, asked sugar mills to sell on a weekly basis from fortnightly sales earlier, and ordered bulk consumers to hold stocks for 10 days, instead of 15 days.
"Prices of essential commodities have shown declining trend," Pawar said in the Indian parliament replying to a discussion on price rise. Latest government data showed India's food price index rose 17.58 percent in the 12 months to Feb 13.
Indian sugarcane farmers are receiving a record price for sugarcane and it will prompt them to raise output, he said. "As on today the farmer in Uttar Pradesh is getting somewhat between 250-260 rupees per quintal price for sugarcane, which he never got in the last 50 years."
Higher cane price also contributed to a rise in sugar price, but the price will stabilise near 35-36 rupees per 100 kg, he said. In 2009/10, India is likely to produce 15.3 million tonnes, falling severely short of domestic consumption of about 23 million tonnes for a second straight year, a Reuters poll showed, paving way to large scale imports.
"Prices of essential commodities have shown declining trend," Pawar said in the Indian parliament replying to a discussion on price rise. Latest government data showed India's food price index rose 17.58 percent in the 12 months to Feb 13.
Indian sugarcane farmers are receiving a record price for sugarcane and it will prompt them to raise output, he said. "As on today the farmer in Uttar Pradesh is getting somewhat between 250-260 rupees per quintal price for sugarcane, which he never got in the last 50 years."
Higher cane price also contributed to a rise in sugar price, but the price will stabilise near 35-36 rupees per 100 kg, he said. In 2009/10, India is likely to produce 15.3 million tonnes, falling severely short of domestic consumption of about 23 million tonnes for a second straight year, a Reuters poll showed, paving way to large scale imports.
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