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India is the world's largest consumer and the second largest producer of sugar, topped
only by Brazil. Although, according to industry circles, India produces the cheapest
sugar in the world, it is out priced in the international market because of the
interference by the Government and the states. Nearly 2.8 lakh farmers have been
cultivating sugarcane in the vast area of 4.4 lakh acres and over 11 crore people are
directly or indirectly dependent on the sugar industry in the country. This project
presents a holistic study into this sector in the light of the Global Economic crisis. |
INTRODUCTION
Indian sugar industry, second largest agro-based processing industry after the
cotton textiles industry in country, has a lion's share in accelerating industrialization
process and bringing socio-economic changes in under developed rural areas. Sugar
Industry in India is well developed with a consumer base of more than billions of
people. India is the largest consumer of sugar in the world. Sugar industry covers
around 7.5% of total rural population and provides employment to 50 million rural
people. About 4.5 crores farmers are engaged in sugarcane cultivation in India. Sugar
mills (cooperative, private, and public) have been instrumental in initiating a number
of entrepreneurial activities in rural India
India is the second major sugar producing country in the world, the first being Brazil.
Sugar industry occupies an important place among organised industries in India.
Sugar industry, one of the major agro-based industrial in India, has been instrumental
in resource mobilization, employment generation, income generation and creating
social infrastructure in rural areas. Indeed, sugar industry has facilitated and
accelerated pace of rural industrialization. At present, there are 553 registered sugar
factories having capital investment of Rs. 50,000 crores and annual production
capacity of 210 lakhs metric tonnes (ISMA Report, 2008). The annual turnover of
industry is to the tune of Rs. 30,000 crores. The central and state governments receive
annually Rs. 5000 crores as excise duty, purchase tax, and cess. The sugar industry in
the country uses only sugarcane as input, hence sugar Companies have been
established in large sugarcane growing states like Uttar Pradesh, Maharashtra,
Karnataka, Gujarat, Tamil Nadu, and Andhra Pradesh. These six states contribute
more than 85% of total sugar production in the country; Uttar Pradesh and
Maharashtra together contribute more than 57% of total production. Indian sugar
industry has grown horizontally with large number of small sized sugar plants set up
throughout the country as opposed to the consolidation of capacity in the rest of the
important sugar producing countries, where greater emphasis has been laid on larger
capacity of sugar plants. Sugar industry has brought socioeconomic changes in rural
India by way of facilitating entrepreneurial activities such as dairies, poultries, fruits
and vegetable processing, and providing educational, health and credit facilities.
Figure 1: Classification of Indian sugar industry
Indian sugar industry can be a global leader provided it comes out of the vicious cycle
of shortage and surplus of sugarcane, lower sugarcane yield, and lower sugar
recovery, ever increasing production costs and mounting losses. It needs quality
management at all levels of activity to enhance productivity and production. Attention
is required on cost minimization and undertaking by product processing activities.
Sugarcane has been one of the major crops of India since times immemorial. Iksu, the
term of sugarcane, is found in the Atharvaveda, Vajasaneyii, Maitrayani and Taittriya,
Samhitas and the subsequent Sutras. The Aryans knew the plant from a very early
time and the fact that sugarcane is indigenous to India is beyond dispute. The word
Iksu has no parallel in any other Indo-Aryan language, which suggests that the Indo-
Aryans only came to know about the plant only after entering India. This is, supported
by the fact that little evidence of sugar or sugarcane is found in any archaeological
site of the prehistoric or early historical period, however, this negative evidence is no
proof that it was unknown.
The cultivation of sugarcane caught the attention of the Greek visitors to India so
something singular and strange. They speak of it as 'reeds that make honey without
the agency of bees. This phenomenon of sweet juice produced from reeds was
ingeniously explained by Megasthenes. According to him, the sweet juice was due to
the water which the cane absorbed from the soil being so warmed by the sun's heat
that the plant was virtually cooked as it grew.
Caraka, in his medicinal work states that ksudra guda is formed by evaporating the
juice of sugarcane down to a quarter, a third or half of the original volume. Guda is a
purified product and contain few impurities. Even more refined are matsyandika,
khanda and sarkara, each of which is purer than the preceding one. Caraka notes the
medicinal properties of these four types, which are in fact four stages in the process of
manufacturing granulated sugar Susruta mentions phanita, guda, matsyandika, khanda
and sarkara, these being in order of purity. The Arthasastra, under kasra refers to
phanita, guda, matsyandika, khanda and sarkara.
From early Buddhist works, it seems that sugarcane was a common crop and
sugarcane juice a popular object of consumption. Sugarcane fields greeted the eyes of
a traveller wherever he went.
Kautilya notices it in the list of principal crops cultivated. But, his remarks sugarcane
is the least profitable of crops, for it is subject to various evils and requires much care
and expenditure.
Manu at one place says that garlic and sugarcane grow in the same fashion as seeds.
Probably what Manu means is that these two crops are not normally propagated by
sowing seeds but are grown from offshoots. In ancient works, Iskuda and Iksumati
occur as the names of two rivers. These names indicates that the Indians had a
knowledge of soil that best suited for sugarcane cultivation and recognised that was
the soil irrigated by certain rivers was very suitable for the crop.
In 399 A.D., the Chinese Buddhist pilgritu Fa-Hien entered India to the east of the
Indus and he writes, "As you go forward from the mountain, the plants, trees and
roots are all different from those in the land of the of ban except the bamboo, the
pomegranate and the sugarcane".30 Three hundred years later, he was followed by the
Hiuen-Tsang who travelled in 629 AD observed, "They feed themselves generally on
cakes of parchedgram, which they mix with milk, cream, butter, solid sugar and
mustard oil. The juice of grapes and sugarcane is the food of the Khatriyas. The
fermented product of grains is of Vaisyas. The Brahmans drink the juice of grapes
which differs completely from that distilled from wine". Cunningham wrote,
"Gandhara of Swat (Peshwar) produce also much sugarcane of which they make stone
honey". He mentioned, "Punjab (Pounatch) produces much sugarcane but no grapes".
Regarding Kosambhi located on Jumuna thirty miles above Allahabad, he wrotes
"This place harvests a large quantity of rice and somesugarcane."
Hiuen-Tsang during his visit (671-95) to India, "There are sweet melons, sugarcanes
and tubers and abundant....". When strangers are entertained in monastery ghee,
honey, sugar and other eatables are offered." A pill consisting of equal parts of the
bark of yellow myrobalans, ginger and sugar is prescribed for diarrhoea and solid or
dry sugar can satiate hunger and thirst when eaten."
In 1213 AD, the Chinese ambassador, Ch-u-ts-ai reported to Jenghiz Khan "In this
century sugarcane is cultivated. The people make wine and sugar from juice”.
In 1498, Vasco de Gama also saw large quantities of sugar at Calicut Ludovico di
Verthema, an Italian who travelled in the East in 1503-8, on seeing an immense
quantity of sugar at Zibit in Arabia, a hundred miles north of Perim and a Bathacala, a
little south of Goa on the Malabar Coasts recorded "a great abudance of sugar
especially candied according to our way.
In Aln-i-Akbari written by Abul Fazal in 1590, cane is stated to have been of various
kinds, but mainly of two sorts, one called paunda, one species is so tender and so soft,
so full of juice that a sparrow by specking could make the juice flow, the other species
is hard. The former was grown for eating and the latter for sugar making-brown sugar
candy, common sugar, white candy, and refined sugar useful for the preparation of all
kinds of sweetmeats.It is evident that cultivation of sugarcane was prevalent all over
India.
The sugar industry was granted protection till 1950. Since independence there has
been an overall increasing trend in sugar production in India. Production of sugar has
increased by leaps and bounds in the planning period. To meet the increasing sugar
requirement during different plan periods targets of sugar production were fixed as
depicted in table 1.
Before the commencement of First Plan there were 138 sugar factories with an
installed annual sugar production of 19.34 lakh tonnes. During the plan period, to
achieve targets of sugar production, licences were issued for setting up of new
factories and for many of the existing units to expand the size of the units. The
number of the sugar factories increased to 143 in the first plan, 175 in the second plan.
The production increased to 30.29 lakh tonnes in the second plan. During second plan
the target of production was 22.5 lakh tonnes which was increased to 25 lakh tonnes
but the actual production exceeded up to 30.29 lakh tonnes which was slightly more
than demands. This resulted in decontrol up to some extent. In the third plan the target
of production was 35lakh tonnes. Due to short fall in production of the cane in first
three years of the Third plan the target could not be fulfilled but at the end of the plan
the target of production was achieved with production of 35.32 lakh tonnes of sugar.
Although the sugar production upto 3rd Plan was more than target but due to seasonal
variations the target could not be achieved in fourth plan. Again in Fifth plan the
production was more (28.42 lakh tonnes) than target (54 lakh tones). In the Sixth plan
the larget was 76 lakh tonnes but the production was only 61.76 lakh tonnes. Again in
Seventh plan it was more than target. In the Eight plan the target further could not be
achieved. Although the production of sugar decreased in 1992-93 and 1993-94 but it
increased to 146 lakh tonnes in 1994-95 and India became largest sugar producing
country in the world. In 2002-2003 the production of sugar in India was 28 lakh
tonnes which decreased to 170 lakh tonnes in 2003-04. IN 1950-51 there were 138
sugar mills in India but up to 31st March 2004 this number increased to 461. At
present there are 553 registered sugar factories having capital investment of Rs.
50,000 crores and annual production capacity of 180 lakh metric tonnes (ISMA
Report, 2004) and presently sugar industry is the second largest agro-based industry
of India.
PRICING OF SUGAR:
The Government has been following a dual pricing policy for sugar, under which, a
fixed percentage of the total production is to be necessarily sold by the sugar mills to
the Government or its nominees at a pre-determined price referred to as "levy sugar".
The sugar so collected is distributed to consumers through Fair Price Shops under the
public distribution system.
The balance sugar referred to as "free sale sugar" can be sold in the open market.
Free sale sugar is also regulated to some extent, by way of a release mechanism,
whereby the Government determines the quantum of sugar that can be sold every
month. This helps the Government maintain stability in sugar prices, by regulating the
supply of sugar based on the underlying demand. Thus, the Government statutorily
determines the price of levy sugar, while the price for the free market sugar is market
determined, affected to some extent by the release mechanism. As per Tuteja
Committee, the Central Government decided, in February 2002, to dispense with the
release mechanism with effect from April 1, 2003. However, in March 2003, it was
decided to continue with the release mechanism up to September 2005 and to review
the position in February, 2005. The Tuteja Committee has also recommended that the
Central Government may dispense with the release mechanism for free sale sugar
with effect from October 1, 2005
The levy imposed has reduced from 40% in the 1990s to 10% effective from March
2002. The Tuteja Committee has also recommended continuing with the 10% levy
obligation level. The Committee has also recommended that beyond the initial time
limit, a maximum of 3 months may be permitted for lifting of levy sugar by the
Government, where after, the levy sugar quota would automatically be converted into
free sale sugar, without any recurring levy obligation on this portion of levy sugar.
As can be seen from the table, while the gap between levy sugar prices and free sale
sugar prices had narrowed considerably until 2002-2003, it has since widened due to
high free sale sugar prices.
Figure 2: Historical Free sale sugar and Levy Sugar Prices (Rs. / metric tonne)
FINANCIAL DETAILS
Given below are some financial details of the sugar industry
1. Current assets in sugar industry comprises of 60-70% of the total assets
2. Average current ratio for the years 2002-07 has been 0.8 times
3. Average debt – equity ratio has been 2.5 times
4. Average return on capital employed is 10.3 %
5. Average debtors days is 15.8 days
6. Average creditors days is 114 days
7. Stock– to use ratio – 55%
At that time, extracting sugar from cane was so expensive that most of the farmers
preferred to convert it to jaggery, which resulted in a glut of jaggery in the market.
The cooperative changed this situation by assuring the farmers of off-take of their
produce at a reasonable price. The unique aspect of the cooperative movement was
that a farmer with a small landholding is also given the same status of a shareholder.
Situation has changed down the years. The major problem being faced by the
cooperative sugar sector is unprofessional management, lack of foresightedness and
absence of decision-making process.
The decision-making is delayed because of the high number of people involved in the
process. Another issue is that of vagaries of nature. Sugar industry is grossly governed
by natural vagaries and the infamous sugar cycle of two years surplus followed by one
year of shortage.
Biggest problem the sugar industry facing today is surplus production -- from 10 lakh
tonnes in 1950 to over 200 lakh tonnes at present. While consumption of sugar is
increasing at a steady pace of 4 to 5 per cent per annum, it does not match the increase
in production. As a result, prices of sugar have been steadily sliding this year. In three
months' time -- from January to March this year -- sugar prices crashed from Rs 1,800
to Rs 1,300 per quintal.
In a bid to rescue the sugar sector, the government recently lifted the ban on exports
and decided to create a buffer stock. But, lifting the ban on exports came at a time
when global prices had crashed. So, despite export subsidy, sugar mills were not able
to ship the commodity to other countries at a competitive price.
While sugar production has increased in the last decade, domestic sugar consumption
has grown at a sluggish pace. This has led to accumulation of stocks with sugar mills
which affected prices. This is one of the main reasons why the margins are under
pressure. This is also true to the global sugar scenario and thus to prevent imports at
low global prices, the government has a high tariff protection in place.
This situation can be rectified if the government encourages exports. While India is
the third largest sugar producing nation in the world, it is only the seventh largest
exporter of the commodity for 2005-06 fiscal. India produces around 20 million
tonnes of sugar and exports just one million tonnes. The per capita consumption
stands at 18 kg, much lower than 59 of Brazil, which is the largest producer and
exporter of sugar.
However, the subsidy came at a time when global markets had crashed, causing losses
to sugar mills and farmers. In India, sugar is under the purview of Essential
Commodities Act, 1955, which means that the government controls sugar capacity
additions through industrial licensing and determines the price of sugarcane and the
quantity that can be sold in the open market.
Sugar export is governed by Sugar Export Promotion Act, 1958, which stipulates that
the government can use 20 per cent of the country's total production for sale abroad.
Import of sugar or export is mainly resorted to when there is a mismatch in domestic
sugar production.
SUGARCANE UTILIZATION:
Not only has the sugarcane acreage and sugarcane production been increasing, drawal
of sugarcane by the sugar industry has also been increasing over the years. In India
sugarcane is utilised by sugar mills as well as by traditional users like gur and
khandsari producers.
In early 1980s, the proportion of sugarcane drawn by the sugar industry was
hovering around 35%, which went upto to 50% in 1990s and to as high as 69% in the
year 2002-2003. The sudden growth in 2002-2003 can be attributed to the fact that
sugar prices in this year were very low and Gur and Khandsari manufacturers could
not effectively compete with the low sugar prices.
Cane Utilization in India
Figure 3: Cane Utilization in India
(Source: ISMA)
The consumption of white sugar in India is generally urban based. In rural areas the
alternate sweeteners gur and khandsari are consumed in larger quantities. The
consumption of sugar in urban areas in some of the Indian states with higher GDP and
income levels, matches favorably with various developed countries. The highest per
capita consumption of sugar is in the states of Punjab and Haryana which are
adjoining the sugar producing region of western UP. As income levels and GDP rises,
it can be expected that there will be a gradual shift from consumption of alternate
sweeteners to white sugar. Also, as can be seen from the following table, the total per
capita consumption of sweeteners in urban India is higher than total India average by
around 5 kg per annum. This clearly implies that per capita consumption of
sweeteners in rural India is much lower. It can be expected that this gap will close
with increase in urbanization leading to a growth in the total sweeteners market in
India.
In India, the glut on the domestic market following the sharp rise in 1998/99
production did not stop importers bringing in huge amounts, given the differential
between world and domestic prices, and low import tariffs. Following protests by the
domestic industry, the government stepwise raised the import duty. But imports
continued because of the sharper fall in world market prices.
Extraction of the cane juice from the sugar cane, usually by crushing the sugar cane
(at this stage the sweet juice contains many impurities - the soil from the fields, some
small fibers and green extracts from the plant). After settling out much of the dirt and
other impurities, the juice is thickened into syrup by boiling off much of the water
(evaporation) The syrup is placed into a very large pan for boiling and more water is
boiled off until conditions are right for sugar crystals to grow
Once the crystals have grown the resulting mixture of crystals and syrup is spun in
centrifuges to separate the two (like spinning clothes in a washer). The crystals are
then given a final dry with hot air before being stored.
The final raw sugar is like a soft brown sugar and is stored in a large sticky mountain.
It can be used like that but usually it gets dirty in storage and has a distinctive taste,
which most people don't want. That is why it is further refined to produce white sugar
for human consumption. Additionally, because one cannot get all the sugar out of the
juice, there is a sweet by-product made - molasses.
By-products
There are essentially three main by-products generated
by the sugar industry.
Bagasse: It is the other major by-product of the sugar industry. It is used for
generation of steam and power required for processing of sugarcane.
Molasses: It is a prime input for the manufacture of alcohol and Alco chemicals like
acetic acid, acetic anhydride. It is also an important constituent for the production of
compound cattle feed.
Press-Mud: It is rich source of manure for crops. A ton of sugarcane crushed produces
around 350 kg of bagasse, 45 kg of molasses and 510 kg of press mud.
Substitutes and complimentary products of Sugar
Sugar substitutes can be divided into two major categories:
i) Gur and Khandsari: Gur is unrefined sugar and khandsari is non centrifuged sugar.
These are mostly used in villages and by rural folk as sweetners and also as important
sources of nutrition.
ii) Artificial sweeteners: These are compounds providing the sweetnerss of sugar
without the calorific value. It is mostly used by diabetics, heart patients and obese.
FACTORS THAT AFFECT SUGAR INDUSTRY
There is a marked improvement in the financial performance of the Company for the
year under review when the Company has earned a profit (before Depreciation and
Tax) of Rs. 1611.57 lacs as against loss of Rs. (956.03) lacs during the immediately
preceding financial year. A sharp fall in the sugar production in the country has
resulted in a revival of sugar prices and has improved profitability. The financial
performance of a sugar factory mainly depends on the following:
1. Demand-supply position and its impact on prices
2. Sugarcane prices
3. Utilisation of by-products
4. Plant size and location
5. Working capital requirement and cost of funds
6. Interest burden
Table 6: Demand and Supply of sugar in India
The ‘sugar-price cycle’ effect explains the price fluctuations for the last as well as the
present centuries. The following graph shows the price as well as inventory variations
of sugar globally:
Figure 8: Global Inventory Variations of Sugar
The last ‘Sugar-price cycle’ started with the ‘Asian Financial Crisis’ of 1997 and
came to a close during the current Global Slowdown of 2007. The reasons for the
‘Asian Financial crisis 1997’ being considered as the starting-point for the sugar
cycle:
1. Asian Financial crisis affected the economies of all major sugarcane cultivating
as well as sugar producing countries like Thailand, Brazil, Mexico, Colombia,
Philippines etc.
2. This crisis also affected several countries which are the primary consumers of
sugar and sugar products.
3. The crisis affected the commodities market and various Sugar-based Commodity
funds
DEMAND FORECASTING:
Table 8: Demand forecasting
Year (x) | Production (in Million tonnes) (y) | Time deviations from 2004 - 05
(x-µ)=X | Square of time deviations (X2) | Product of time deviations and
sales (Xy) |
2004 – 05 | 237.09 | -2 |4 | -474.18 |
2005 – 06 | 281.17 | -1 |1 | -281.17 |
2006 – 07 | 355.20 |0 |0 |0 |
2007 – 08 | 348.19 |1 |1 | 348.19 |
2008 - 09 | 290.45 |2 |4 | 580.90 |
n=5 | ∑y=1512.10 | ∑X=0| ∑X2=10 | ∑Xy=173.74 |
*Data from ministry of agriculture, India
Regression Equation of y on X:
Y = a + bX
With the help of this equation, we can find out the trend values for the next five years
as follows:
Table 9: Forecast of sugar industry for next 5 years
Year | X | Y= 302.42 +17.37(X)(In Millions) |
2009 – 10 |3 | 354.53 |
2010 -11 |4 | 371.90 |
2011 – 12 |5 | 389.27 |
2012 – 13 |6 | 406.64 |
2013 -14 |7 | 424.01 |
CHALLENGES FOR THE SUGAR INDUSTRY
Raw Materials
i. Fluctuation in Sugar Cane
ii. Resources
iii. Infrastructure
Production of sugarcane
i. Fertility of Land is decreasing.
ii. Lack of Irrigation Facilities.
iii. Low rainfall in sugarcane cultivation areas
Sugar Policy of the Government of India
Rising prices of sugar has caused concern to the Government and it has intervened
substantially to control the prices of the sugar, because it is one of the essential
commodities. The Government brought in measures such as weekly quota for free
sale, weekly reporting mechanism to monitor sugar dispatches and sale, liberalized
raw sugar import under Advance Authorization Scheme [with change in export
obligation norm from ‘grain-to-grain’ to ‘tonne-to tonne’ basis] and finally the facility
to import raw sugar without export obligation as well as import of white sugar up to
10 lakh tonnes by Government agencies, both at zero% customs duty. The Centre is
also planning to bring back Gur under the Sugarcane (control) order, 1996 to ensure
adequate cane supplies to sugar mills.
i. Enhance share of Indian sugar industry in global trade
ii. Enhance quality and quantity of sugar.
iii. Sugar recovery is also lower in comparison with other sugar manufacturing
countries.
iv. Due to water shortage shift of farmers to multiple crop cultivation.
v. Industry has a great challenge of existence in global market
vi. Lack of funds, organisation and managerial ability
vii. Biggest problem the sugar industry facing today is deficit production
India ranks first in sugar consumption and second in sugar production in world but it's
share in global sugar trade is below 3%. Indian sugar industry has been facing raw
material, and resource as well as infrastructural problems. Globalization has brought a
number of opportunities but at the same time posed certain challenges before sugar
industry. Most of sugar units in India utilize production capacity below 50%. Low
capacity utilization and inadequacy of raw material led to closer of 100 sugar factories
in India. Mounting losses and decreasing networth of sugar factories have been
responsible for sickness of sugar industry. Sickness in sugar industry has reached to
an alarming proportion. Indian sugar industry has been cash striven for decades. Low
cash inflow due to piling stocks leads to serious financial crisis and finally to closing
sugar factories.Sugar prices have been a political issue rather than economical issue.
Many a times it worsens economy of sugar factories.
FUTURE OUTLOOK
The sugar industry seems to be finally coming out of the worst ever recession that it
had seen over the past few decades. After successive years of surplus production and
uninhibited capacity addition, the sugar output in India has started declining. While it
may be still premature to comment on the production estimates for 2008-09, it is
evident that production will not exceed consumption as area under sugarcane
plantation has fallen significantly. This development has witnessed a smart rally in
sugar prices that have come back to the levels that were prevailing in 2006. There is
still uncertainty about the sugarcane prices as the matter is under litigation and will
have a significant impact on the profitability of the industry. Furthermore, with the
fall in sugarcane production, prices of byproducts such as molasses and bagasse have
also started strengthening.
The growth of sugar demand by food & beverage industries and other non-household
users, estimated to account for about 45% of total consumption, could provide
additional impetus to longer-term market growth unless in the meantime the
Government allows the food & beverage industry to import its sugar requirement
directly and putting a ceiling on their stock holding. Although gur and khandsari are
still consumed in rural areas, demand for white sugar is expected to continue to
increase. Indian sugar industry can be a global leader provided it comes out of the
vicious cycle of acute shortages and surplus of sugarcane. A stable long term policy is
needed in which the shackles are removed which constrain this industry from growing
in a healthy manner. Against the backdrop of skyrocketing crude prices policymakers
have become aware of sugarcane as an energy crop and are encouraging mills to go
integrated and produce ethanol and power.
BIBLIOGRAPHY
1) ‘Sugar - Sector Update’ - India Equity Research by Edelweiss - March 9,2007
2) ‘Indian sugar industry :A strong industrial base for rural India’ by Adya Prasad
Pandey, Banras Hindu University (MPRA Paper No. 6065, posted 03. December 2007
/ 12:26)
3) The World Sugar Trade :TRADE UNION BRIEFING NOTE AND
RECOMMENDATIONS (7th World Sugar Trade Conference, Singapore)
4) ‘SSI:Sustainable Sugarcane Initiative - Improving Sugarcane Cultivation in
India’ An Initiative of ICRISAT-WWF Project
5) ‘India Sugar Sector’ - Equity Research - Agricultural Products & Agribusiness-
Asia Pacific/India by Credit-Suisse (dated 11 August 2008)
6) ‘India Sugar Sector’ - Equity Research - Agricultural Products & Agribusiness-
Asia Pacific/India by Credit-Suisse (dated 3 September 2009)
7) www.indiansugar.com
8) http://dacnet.nic.in
9) Sugar: Futures Contracts - NCDEX
10) Maize and sugar prices: the effects on ethanol production - Bachelor Thesis in
Economics by Federico Porrez Padilla
11) INTERNATIONAL SYMPOSIUM ON BIO-FUELS - Ethanol: Economics,
Pricing & Incentives - P Rama Babu, President, ISMA
12) Sector Review - India Sugar Sector – Credit Suisse, India Research Analyst
Team
13) A Case Study of Sugarcane Farming and Sugar Industry in Bihar - Centre for
Trade and Development (CENTAD), New Delhi