New Delhi, Apr 24: Asserting that sugar plays a very significant role in India’s agricultural and industrial economy, Finance Minister Pranab Mukherjee on Tuesday asked the sugar sector to use latest technology to improve the production and productivity.
Addressing the delegates after inaugurating the 41st Council Meeting of International Sugar Organization, here, Mukherjee said that sugar sector should use the latest technology for enhancing production and productivity.
“The Government has been using a variety of instruments such as trade policy, including import of duty free raw sugar under advance authorization scheme, or import of duty free white or refined sugar by certain Government agencies and import of duty free raw sugar under Open General License,” he said.
“Some of the specific areas where further attention is required especially through technological improvements include improvement in the quality of sugar, energy conservation, environmental considerations in the production of sugar, improvement in the recovery of sugar from sugarcane and reduction in the water intensity of crops among others,” he added.
Mukherjee further asked the International Sugar Council to examine and analyze the information system on demand and supply.
“I am aware of the number of activities undertaken by International Sugar Council in different parts of the world with a view to giving economic boost to the Sugar Sector. Much more need be done to improve the world sugar economy as we are still at a time when the world sugar market continues to experience considerable price volatility,” he said.
“I would like the council session to examine and analyze the information system on demand and supply, international policies and the trade competitiveness for realistic estimation of sugar production. Better information is a powerful tool for price stability,” he added.
In his concluding remarks, Mukherjee emphasized the importance of global cooperation in research and development of sugar technologies, which holds the key to unlock the full potential of this important industry in the developing countries. (ANI)