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LATEST NEWS UPDATES | Cane dues in Uttar Pradesh may cross Rs 10,000 crore -Harish Damodaran

Cane dues in Uttar Pradesh may cross Rs 10,000 crore -Harish Damodaran

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published Published on Feb 28, 2019   modified Modified on Feb 28, 2019
-The Indian Express

The only way to prevent a further piling-up of cane arrears would be via improved sugar realisations, according to a miller.

Arrears in payments to cane farmers by sugar mills in Uttar Pradesh (UP) have almost touched Rs 8,500 crore and could cross the Rs 10,000-crore mark by March-end, just ahead of voting for the coming Lok Sabha elections.

According to data compiled by the Cane Commissioner’s Office in Lucknow as on February 26, UP mills have bought sugarcane worth Rs 20,475.76 crore during the current 2018-19 crushing season (October-September) at the state government’s advised price or SAP of Rs 315 per quintal for “general” and Rs 325 per quintal for “early-maturing” varieties. They were to pay Rs 17,709.34 crore out of this within the stipulated 14-day period of taking cane delivery. But actual payments have been only Rs 9,588.58 crore, translating into dues of Rs 8,120.76 crore. Adding the arrears of Rs 356.96 crore for the previous 2017-18 season takes the total to Rs 8,477.72 crore. “I won’t be surprised if the dues cross Rs 10,000 crore by the next month-end. Ex-factory sugar prices, at about Rs 31.50 per kg now, are below production cost of roughly Rs 34.50. That includes cost of cane (Rs 30, taking SAP at Rs 325/quintal plus Rs 10/quintal of incidental expenses and sugar recovery of 11.2%) and conversion charges of Rs 4.50, excluding interest outgo and depreciation,” said a miller.

Realisations from by-products, too, aren’t particularly good. Mills are selling molasses at Rs 70-100 per quintal. Although higher than last year — when there was no space in tanks to store the dark brown syrupy liquid, which had to be supplied virtually free of cost to distillers — they are nowhere near the Rs 450 levels of 2016-17. “We are also owed nearly Rs 850 crore of dues by the UP Power Corporation against the supply of co-generation power from bagasse (the energy-rich fibrous residue remaining in cane after extraction of juice),” added the miller.

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The Indian Express, 28 February, 2019, https://indianexpress.com/article/india/cane-dues-in-uttar-pradesh-may-cross-rs-10000-crore-yogi-adityanath-5603825/


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