Govt plans to build stockpile of 3 mn tonnes sugar to prop up prices

India will consider building stockpiles of 3 million tonnes of sugar, Food Minister Ram Vilas Paswan said on Tuesday, to prop up local prices and help money-losing mills pay dues to millions of cane growers, a key voting bloc. The world’s second-biggest sugar producer will also make available 45 billion rupees ($669.

89 million) in soft loans to sugar mills to expand ethanol production capacity, Paswan told reporters. Local sugar prices have dropped to their lowest in 28 months, exacerbating financial woes of sugar mills......

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