The sugar industry had a great year in 2022 and is on track for steady growth in production, according to the Indian Sugar Mills Association.
The Director General of ISMA, Sonjoy Mohanty, in a conversation with BQ Prime's Hiral Dadia, said the past year was "outstanding," with record exports of 111 lakh tonnes and record production of ethanol.
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Mohanty, who was speaking on behalf of India's premier industrial association for the commodity, said with exports, the government has a "pragmatic" approach.
"They've already announced 60 lakh tonnes of exports. Given our production outlook for the year, they will do the additional release at the end of January, which is the right way forward."
He added that sugar is a sector that will lead in 2023. "We would like to lead in investment, climate front, all the important things. In the G20, we would like to make India a very attractive investment."
While Mohanty did not put an estimate on where he sees sugar prices next year, he said they will "depend on a number of factors other than just demand and supply."
"The beauty in this is that our supply comes ahead of Brazil. By the time Brazil's supply comes to the markets, we will be done with our exports to the world market, which is why timing is critical, and the government is aware of that. Hence the release will come well in time."
He added that India's net sugar production is estimated to be around 365 lakh tonnes. "This is while we have a 55 lakh tonne opening stock."
"We are on a steady growth path in production due to better yield. The acreage remains the same, but yield is better due to crop variety, better farming practices, etc.," he added.
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