A news outlet reports the Wuhan virus made it difficult for cooperative sugar factories to sell even 50 percent of the quota released by the central govt at the rate of Rs 31 per kg. It is said this is likely to affect the economic cycle.
Jaiprakash Dandegaonkar, president, National Federation of Cooperative Sugar Factories is quoted saying the nationwide lockdown imposed in March last year and shutdown of all sugar consuming facilities reduced sugar sales by nearly 1 million tonnes. This has affected the sale of sugar.
The co-operative sugar mills have been under stress due to the amount of blocked in the sugar stock of the co-operative sugar mills and the daily rising interest burden on them, which has led to stagnation of farmer’s cane bills, staff salaries and clearing other overdue payments.
