Indian Economy News

India becomes Chair of International Sugar Organisation (ISO) for 2024 to lead global sugar sector

According to the government, India would be the chairman of the International Sugar Organisation (ISO), an apex body for sugar and associated products, in 2024. India is the world's largest consumer of sugar and the world's second largest producer.

The food ministry said in a statement, “In its 63rd council meeting, ISO, headquartered in London, has announced India to be the chair of the organisation for 2024. This is a huge achievement for the country to lead the global sugar sector and is a reflection of growing stature of the country in this domain".

While attending the ISO Council Meeting, Union Food Secretary Mr. Sanjeev Chopra asked support and collaboration from all member countries during India's presidency of ISO in 2024.

He stated that the focus would be on getting all member countries together to embrace more sustainable practises in sugarcane growing, sugar and ethanol production, and better usage of byproducts.

With a 15% proportion of worldwide sugar consumption and a 20% share of sugar production, Indian sugar trends have a large impact on global markets. Given this position of leadership, India is an ideal candidate to lead ISO, the apex international body on sugar and related goods, which has over 90 members.

With Brazil in the western hemisphere, India is the market leader in the eastern hemisphere for sugar.

The ministry said, “Now, being the 3rd largest country in the world in ethanol production after USA and Brazil, India has shown commitment towards green energy and its capability to twist the challenges of surplus sugar in domestic market to solution of fossil fuels imports and a tool to meet COP 26 targets for India”.

In India, ethanol blending percentage climbed from 5% in 2019-20 to 12% in 2022-23, while production increased from 173 crore litres to more than 500 crore litres during the same period.

According to the ministry, the days of farmers having unpaid cane dues are over. More than 98% of last season's cane dues (2022-23) have already been paid, and more than 99.9% of previous seasons' cane dues are clear.

The Ministry said, “Domestic sugar retail prices are consistent and stable. While the global prices are hiked by about 40% in one year, India has been able to contain sugar prices within 5% increase from last year without putting additional burden on the industry”.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.