India has been appointed as the Chair of the International Sugar Organization (ISO) for the year 2024, as announced during the 63rd council meeting held in London.
As the largest consumer and second-largest producer of sugar worldwide, with a 15% share in global consumption and 20% in production, India’s influence on global sugar markets is substantial.
Given its leading position in the Eastern Hemisphere and being the third-largest ethanol producer globally, India is well-suited to lead the ISO.
India’s commitment to green energy is evident, ranking third globally in ethanol production after the USA and Brazil. This reflects the nation’s capability to address challenges posed by surplus sugar in the domestic market, contributing to a solution for reducing fossil fuel imports and meeting COP 26 targets.
Noteworthy is the increase in ethanol blending percentage in India, rising from 5% in 2019-20 to 12% in 2022-23, with production soaring from 173 crore litres to over 500 crore litres.
Despite a global price surge of approximately 40% in one year, India has effectively limited sugar price increases to a mere 5% from the previous year, without imposing additional burdens on the industry.