From Our Special Correspondent
Daijiworld Media Network
Bengaluru, Oct 1: The next edition of Global Investors Meet scheduled to be held from November 2 to 4, 2022 (GIM 2022) has an ambitious target of creating 10 lakh jobs and attracting investments from several domestic and multi-national companies, Large and Medium Industries Minister Murugesh R Nirani has said on Friday.
Talking to reporters after addressing the Golden Jubilee celebrations of the South Indian Sugarcane and Sugar Technologists’ Association (SISSTA) at a resort near Bidadi in Ramanagara district, he said the State Government wants to ensure that the GIM 2022 becomes a resounding success in terms of attracting investments from leading domestic and foreign companies.
In his address to the SISSTA, he said it is going to be a win-win situation for farmers and sugar mills in the current sugar season as enhanced sugar production will help achieve the ethanol blending target, pay dues to farmers and export sugar,
Nirani said the sugar mills have produced around 309 lakh tonnes of sugar in the current season which is almost 35 lakh tonnes higher than last year’s production of 274 lakh tonnes. The year 2020-21 has been a good season for the domestic sugar industry due to sugar exports and ethanol blending programme.
Sugar mills have signed export contracts for 58 lakh tonnes so far, as against 60 lakh tonnes of target fixed by the Government under MAEQ in the current sugar season. Indian sugar mills might export more than the MAEQ quota due to deficit in total sugar availability globally as Brazil and Thailand reported a drop in sugar production,” Nirani said.
Elaborating on the State Government’s thrust on using ethanol blended fuel to reduce pollution and import of crude oil, the minister said sugar mills and farmers can immensely benefit from the ethanol blending programme.
“Prime Minister Narendra Modi’s ethanol blending programme is aimed at promoting ethanol as Swadesi fuel and making the country Atmanirbhar Bharat. The country achieved 5% ethanol blending in 2019-20 Ethanol Supply Year (ESY) and 8 lakh tonnes of sugar was used to produce ethanol. Sugar industry is committed to use over 20 lakh tonnes for ethanol production in ESY 2020-21. We are confident of achieving ethanol blending target of 8.5% by season end and 10% ethanol blending by 2022 and 20% by 2025 in the ethanol roadmap released on June 5, 2021,” Nirani explained.
Clarifying on how ethanol production will benefit both farmers and sugar mills, Nirani termed it a gainful situation.
“Diversion of sugar for more ethanol production will help reduce sugar stocks and also generate cash flow which will be required to pay sugarcane growers on time and clear pending dues and meet other expenses like loan repayment to banks,” Nirani maintained.