Govt may raise sugar buffer stock: Pawar | business | Hindustan Times
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Govt may raise sugar buffer stock: Pawar

business Updated: Jun 04, 2007 18:05 IST

The government is considering raising the sugar buffer stock to five million tonnes to check a steep fall in prices, Agriculture Minister Sharad Pawar said on Monday.

Pawar told reporters after inaugurating Central Warehousing Corporation (CWC) Logistics Park at Navi Mumbai's Dronagiri Node that the government was considering to raise the buffer stock for sugar from two million tonnes at present.

The government had earlier announced a two million tonne buffer stock in the wake of excess sugar production and its falling prices in the domestic market.

To a question on wheat imports, Pawar said it was unlikely that a new wheat tender would be floated in the near future and it might only be to create buffer stock.

"There is comfortable stock position in wheat which stands at 10.7 mn tonnes as against 9.2 mn tonnes last year along with a buffer stock of 4.5 mn tonnes making it more than 15 mn tonnes in total," he said.

State Trading Corporation had last week scrapped its tender for import of one million tonnes of wheat due to high prices quoted by the suppliers.

Food and Public Distribution Secretary T Nanda Kumar said the government might cut duty on edible oils to tame prices.

"The import duty on edible oil may be cut further to check prices and increase supply," Kumar said.