New Delhi: Coronavirus pandemic has impacted the sugar industry, due to which mills are facing the financial scarcity. Sugar sales are down due to lockdown and stocks are piling up in warehouses
According to the news report published in Economic Times, in order to help sugar mills improve their cash flow, the Food ministry has planned to liquidate stocks worth Rs 30,000 crore in 4 months. It will help sugar mills to improve cash flow and pay cane arrears to farmers.
The sugar sales in March and April, 2020, was lower by about 10 lakh tonnes. Due to low sales, mills are under deep financial crisis and are unable to pay cane dues.
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