Why is it in the news?
- India’s upcoming chairmanship of the International Sugar Organisation (ISO) in 2024 has garnered significant attention.
About International Sugar Organisation (ISO)
- Established in 1968, ISO is an intergovernmental body dedicated to enhancing conditions in the global sugar market through various means such as debates, discussions, seminars, and workshops.
- With 88 member countries, ISO plays a pivotal role in facilitating dialogue and collaboration among nations involved in the sugar industry.
- India’s selection as the chair of ISO for 2024 underscores the country’s growing influence and importance in the global sugar sector. This leadership role provides India with an opportunity to shape discussions and initiatives that can impact the international sugar market.
Significance of ISO
ISO’s membership represents a substantial portion of the global sugar landscape:
- It covers 87% of the world’s sugar production, highlighting its reach and impact.
- ISO members account for 64% of global sugar consumption, showing its relevance in ensuring adequate sugar supplies.
- Furthermore, ISO represents 34% of world sugar imports, indicating its role in facilitating international trade.
- Importantly, ISO oversees 92% of the world’s sugar exports, emphasizing its importance in global sugar market dynamics.
| Indian Sugar Industry
India holds a prominent position in the global sugar industry: · It is the world’s largest consumer of sugar, with a significant 15% share of global consumption. · India ranks as the second-largest sugar producer globally, contributing 20% to the world’s sugar output. · Additionally, India is the third-largest ethanol producer worldwide, following the USA and Brazil. · Ethanol blending in India has seen substantial growth, increasing from 5% in 2019-20 to 12% in 2022-23, demonstrating efforts to promote sustainable energy sources. · Despite record-high global sugar prices, India has maintained affordable sugar prices for its population. |
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