The Government of India has made it mandatory for traders, wholesalers, retailers, big chain retailers, and processors to disclose weekly sugar stocks to determine the retail price of sugar in the country.
In order to maintain a stable retail price of sugar in the country, the Government of India has issued orders to the concerned traders/wholesalers to mandatorily disclose the stock position of sugar on the portal of the Department of Food and Public Distribution every Monday.
- This mandatory weekly stock disclosure for these entities is another proactive step in the Government of India's efforts to maintain a balanced and fair sugar market.
Benefits of this:
- By preventing hoarding and speculation, the Government of India aims to ensure that sugar is available to all consumers at affordable rates.
- This proactive measure enables the regulatory authorities to closely monitor stock levels and take prompt action against any potential market fraud.
- This completely digital initiative will help streamline the Chinese market by preventing commodity hoarders from doing any speculative transactions.
- Additionally, the initiative will provide real-time data on sugar stocks.
- It will help the Government in making policy decisions, as and when required, to mitigate the impact of rumours of rising sugar prices on consumers and the industry.
- Additionally, the government is also expecting cooperation from sugar mills and traders to comply with the relevant laws and monthly domestic quota norms.
- Strict action will be taken against the mills violating this.