Online portal for marketing sugar

Indian Express
By Parthasarathi Biswas, October 27, 2017

Prakash Naiknavare, managing director of NFCSF, said the online platform will allow for greater access as well as better price realisation. “Chances of cartelisation will be minimum on such a platform,” he said.

Marketing of sugar by the mills this season may see an important change with the National Federation of Cooperative Sugar Factories (NFCSF) and the Indian Sugar Mills Association (ISMA) jointly introducing an online platform. This platform will allow millers to float their tenders online and buyers from across the country will be able to access the same.

Traditionally, mills in both Uttar Pradesh and Maharashtra float tenders and call bids for selling their sugar stock. Although the tenders are floated globally, mostly the local traders and brokers respond to the tenders. Prakash Naiknavare, managing director of NFCSF, said the online platform will allow for greater access as well as better price realisation. “Chances of cartelisation will be minimum on such a platform,” he said
.
Called Indian sugar e-market, the portal has been developed by Indian Sugar Exim Corporation Limited. The portal will monitor sugar spot prices across the country and will allow for listing and sale of molasses and bagasse. The portal is compliant with the various provisions of GST.

The foray of the sugar millers in the the future’s trade was not successful earlier as millers had talked about large speculations but little actual sales. Millers had complained how artificial hiking of prices had affected their sales. In 2015, Chief Minister Devendra Fadnavis had talked about action against speculators who were active in such markets. In order to arrest any speculation, the portal will only display spot prices and the contracts would be proper clauses for ensuring timely delivery of sugar.

The portal at present has registrations of more than 700 buyers active and training sessions are being conducted across the country to familiarise the sugar industry with the portal. This season, the portal hopes to see registration of over 100 millers and sale of 5 lakh tonnes of sugar.

Reference-http://indianexpress.com/article/business/maharashtra-online-portal-for-marketing-sugar

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