date:Aug 25, 2014
president of the Bombay Sugar Merchants Association.
Prices in India, the world's biggest producer after Brazil, fell below the cost of production in some states as the south Asian country produced surplus sugar for the four straight year.
Even in the next year starting October, the country's output is likely to jump 4 percent to 25.3 million tonnes because of higher cane yields in Maharashtra and Karnataka states.
Indians consume around 23 million tonnes of sugar annually.