India Elected Chair of International Sugar Organization for 2024

India Elected Chair of International Sugar Organization for 2024

VoM News Desk | November 25, 2023 | 11:31 AM IST | Breaking News | Follow on Google News

India Elected Chair of International Sugar Organization for 2024

India Elected Chair of International Sugar Organization for 2024

India has achieved a significant milestone in the global sugar industry by being elected as the Chair of the International Sugar Organization (ISO) for the year 2024. This accomplishment highlights India’s influential role in the sugar sector on a global scale.

India’s Role in Global Sugar Industry

With a 15% share in global sugar consumption and a contribution of 20% to global production, India’s impact on the international sugar market is substantial. The country’s position as the largest consumer and the second-largest producer makes it a pivotal player in the ISO, which consists of approximately 90 member countries.

Sanjeev Chopra, Secretary (Food), Government of India, emphasized India’s dedication to promoting sustainable practices in the sugarcane industry, sugar and ethanol production, and maximizing the utilization of by-products.

India’s Ascendancy in Ethanol Production

India’s commitment to green energy is further underlined by its rise to become the third-largest country in ethanol production. This aligns with India’s efforts to reduce fossil fuel dependence and contribute to COP 26 targets. Ethanol blending in the country has significantly increased, reaching 12% in the financial year 2022-23.

The Indian sugar industry demonstrated resilience during the COVID-19 pandemic by operating mills and contributing to the production of hand sanitizers. The industry has maintained efficiency and profitability without government financial aid and has ensured timely payment to cane farmers.

Stability in Domestic Sugar Prices

Despite a global surge in sugar prices, India has managed to keep domestic retail sugar prices stable, with only a 5% increase in one year, showcasing a consumer-centric approach in the global market.

The National Sugar Institute in Kanpur has extended its collaboration with several countries, sharing advanced technologies and best practices in the sugar sector.

India’s Future Role as ISO Chair

As the Chair of the ISO in 2024, India is set to lead the global sugar industry toward sustainable development, collaborative innovation, and responsible growth, reinforcing its position as a key player in the international sugar market.

VoM News Desk

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