Sign In
Learn bits
Economy
Mahesh

29/11/23 14:12 PM IST

India becomes Chair of International Sugar Organisation (ISO) for 2024

In News
  • India will assume the chairmanship of the International Sugar Organisation (ISO), an apex body for sugar and related products, for 2024.
India's Sugar Production
  • India has been the largest consumer and second largest producer of sugar in the world.
  • With about 15% share in global sugar consumption and about 20% production of sugar, Indian sugar trends affects the global markets profusely.
  • This leading position makes India as the most suitable nation to lead International Sugar Organisation (ISO) which is the apex international body on sugar and relating products having about 90 countries as members.
  • With Brazil in the Western Hemisphere, India is the market leader in Eastern Hemisphere for sugar market.
  • 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.
  • It is remarkable that ethanol blending percentage in India has increased from 5% in 2019-20 to 12% in 2022-23 while the production has increased from 173 crore litres to more than 500 crore litres during the same period.
  • Indian sugar industry has come a long way in modernisation and expansion as well as in diversification to exploitation of potential of its by-products to generate additional revenue streams to make the whole business model both sustainable and profitable.
  • It has proven its robustness during Covid pandemic by operating its mills while the country was facing lockdown and rising to the occasion by producing hand sanitisers sufficient to meet the demand in the country.
  • India has a unique distinction of being the Payer of the Highest Cane Price to its farmers and still efficient enough to make profits and operating in self-sufficient manner without any Government financial assistance.
  • Synergy between Government and sugar industry has made it possible to rejuvenate Indian sugar industry and to transform into a major player in green energy in the country.
  • The era of pending cane dues of farmers has become a thing of past. More than 98% cane dues of last season 2022-23 have already been paid and more than 99.9% cane dues of previous seasons are clear. Thus, cane dues pendency is at all time low in India.
Source- PIB

More Related Current Affairs View All

20 Feb

The Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999

'Investors who were defrauded in the Torres Ponzi scam may receive about Rs 40 crore over the next six months.' The Mumbai Police’s Economic Offences Wing (EOW) has begun

Read More

18 Feb

Aravali safari park project

'The Haryana government’s ambitious 3,858 hectare Aravali safari park project spread across Gurugram and Nuh — which was one of the poll promises of the ruling Bharatiy

Read More

17 Feb

President’s rule function

'Recently,  four days after Manipur Chief Minister N. Biren Singh’s resignation, the Union government announced that President’s rule has been implemented in the v

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps