New Delhi: The government on Monday ruled out imposing limit on stocks of sugar a trader can keep, amid speculations that such curbs might be slapped to check possible hoarding and contain the price rise.
“There is no plan to impose stock limits (on sugar) as of now,” food and agriculture Minister Sharad Pawar said on the sidelines of a conference in New Delhi.
Sugar prices in India, the largest sugar producer after Brazil, have risen dramatically this season, starting October, due to a projected 32% decline in the output to 18 million tonne, prompting the government to allow millers to import duty-free sugar and sell in the domestic market.
Trade sources were anticipating curbs on stocks, keeping in mind the general elections this year. According to the ministry of consumer affairs, retail prices shot up to Rs 25 at a few major cities as on February 13 from Rs 20 in the beginning of the 2008-09 season. (Source: Press Trust Of India)
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