Indian sugar industry’s major player Nirani Group is looking to evolve beyond the traditional sugar business model and expand further as it targets new long-term supply deals for the ethanol, leaving sugar as a by product. The company's Managing Director - Mr. Vijay Nirani told ChiniMandi News in an interview. Speaking on his assessment on the sugar season in terms of sugar production, exports and profitability he said,
“With a very good monsoon this year, Karnataka is set to see a record breaking crushing season this year. The district of Bagalkot itself has forecasted a crushing of 14 million Mt, which is the highest ever. This year is an opportunity to crush with high efficiency and try and make it even with the preceding 3 bad seasons where we had to face huge natural calamities like droughts and flash floods. The high crushing that is forecasted is not all merry, as there will be a huge gap between demand and supply as there is going to excess production of sugar, it is going to be a challenge in itself this year to get a good realisation for sugar.
With speculations from the Government of India, that they may not consider giving subsidy for exports, it will only multiply the challenges in hand. Though mills in the state and the country have a great chance to make up for the accumulated losses in the past, with good availability of quality cane, the millers are all set to exhibit their talents by ensuring high efficiency crushing with maximum value additions, the true crux of profitability lies with the sugar market dynamics, the Govt. has to ensure proper regulation to make sure the mills get a fair share in order to ensure timely and proper payments to farmers who are already in great distress due to continued draught, flash floods and now the spread of this deadly pandemic of COVID-19. On being asked how he sees the prices of sugar in Karnataka State considering the aftermath of Covid-19 and no announcement of hike in MSP Nirani said,
“It is definitely going to be a great challenge to get a proper realisation for sugar though there is an Minimum Selling Price (MSP), if we look at the pretext of MSP being set at ₹3100 is itself not a thorough price, in order to bridge the cost gap between FRP to MSP the MSP has to be revised to ₹3500. Since sugar being an essential commodity there is not going to be a huge drop in consumption by any means at the same time we know there is already carried forward stock from the last season and the production this year is going to be massive by all measures and the consumption of sugar is not going to increase all of a sudden. This is definitely going to directly impact the price, the symptoms have already begun, the rates are already in a downward trajectory.” Sharing views about the growth prospect in Karnataka state for the sugar industry he shared,
“It is definitely going to be value addition and ensuring zero wastage, we need to ensure there is a proper backward and a forward integration for all the mass that is being generated or put into use in the mills.”
“The major advantages that the sugar industries have are yet untapped by many, with just sugar cane as a raw material, we can generate - Sugar, jaggery powder, jaggery cakes, sugar syrup, icing sugar, Electricity, Pulp from Bagasse, furniture from bagasse, biodegradable products from bagasse, CNG and Bio gases, bio fuels, chemicals, ENA, Ethanol the list goes on. The key to sustain is to add value to every product, rather create products of value and not just depend on sugar as a product.” He further added.
Over the couple of years, Nirani Group has been widening its wings in the business of sugar, answering whether there are any further plans on expansion in capacity and beyond Karnataka Nirani said, “We started off about 2 decades ago as the smallest industry in the country with a crushing capacity of 500 mT per day, but now stand tall with a consolidated crushing capacity of 60,000mT with 230 MW of Co-Generation and with allied integration spread across 6 mills. We have understood the weight that the sector carries and envision the thousands of lives that each of our mills have an effect on. We have been turning around sick units in the state, like Kedarnath Sugars and Agro, Badami Sugars Ltd, Pandavapura SSk, Sreerama Sugars SSK, SPR sugars, these were all closed/distressed units that we took over and are being run professionally and successfully, directly helping out all the families that were associated with those mills by means of employment, by crushing farmers cane in time, by creating many unorganised businesses around the campuses and creating revenue for the state and the country. Coming towards, how we at Nirani Group are taking measures to step up for the Ethanol Blending Programme (EBP);
our chairman Shri Murugesh R Nirani ji was one of the pioneers of this EBP programme, he being a close associate in the govt and decision making, had key impact in developing of this scheme. As a group we already have a production capacity of 650 KLPD and are in an advanced stage of expanding the capacities to over 1000 KLPD by December of 2021.
The EBP program has truly been a blessing not just for the health of the sugar industry but also achieves major goals like, reducing crude imports, directly benefiting our FOREX and addressing major ecological crises.
We were one of the first in the state to divert sugarcane juice to Ethanol, during the previous crushing season 19-20, we have produced close to 16 Million litres of Ethanol from Sugarcane juice/Syrup.
Going forward also we have all the plans to divert maximum of sugar into producing Ethanol we estimate a production of close to 96 Million liters of Ethanol purely from Sugarcane juice/syrup, the decision to allow Sugar cane juice/Syrup/B-heavy molasses for Ethanol and giving attractive incentives have been a landmark policy in the country for Sugar Sector. On being asked, what long term policies should be announced by the Govt. for the sugar industry to develop he said,
“The Govt. should first eliminate the EBP hinges, like allowing for OMCs to enter into a 5 year supply contract and bringing in 2nd round of Interest subvention scheme, the GOI has already addressed a big crux, the enhancement of rate for ethanol by 3 odd rupees is an icing on the cake.
The key policy that is thoroughly in need is the revision in MSP to ₹3500 at least, this is no way going to burden the average consumer as shelling out ₹3 to 5 more on sugar is not a huge impact for them, as compared to the benefits that this decision would bring, timely and prompt payments to farmers and sustainability of the mills.
“Also to address the challenge of excess supply of sugar in the country the GOI usually gives export subsidy, which is usually released after a lot of scrutiny and delays, instead they should allow for this excess sugar to be diverted to ethanol so that the cash cycle is quicker and we address the demand that is there for ethanol. This diversion of excess sugar to Ethanol can be considered as deemed export and the same benefit can be given to the sugar mills that adopt this mechanism.
To address the issue of excess production the GOI should increase the radial distance between the plants from the existing 15 Kms to atlest 35 Kms.” Nirani added. https://storage.googleapis.com/stateless-chinimandi-com/2020/11/8b27b37c-indian-sugar-industry’s.dom\_.eng\_.02.11.2020.08.58.mp3
90% of people are still 90% down. submitted by
This market is not going anywhere, anytime soon.
Before you downvote me.... just for angst or hope against getting your money back. Hear me out.
I made 500% gains in January. Got out. Warned everyone. Tether. Manipulation. I'll buy when the stops are broken and Eth flash crashes to $0.10 again
You have to consider. It's now September. Last November 2017, Roger Ver was calling for BCH to replace BTC within 6 months. Everyone's prospect about this market has been blinding and extreme, and for the most part upside down/misguided.
When its 9 months into 2018, and were every bi-weekly up/down 30% its unjustified for the current centralized system, to invest in a speculative asset that is becoming increasingly more volatile every month. We should be seeing less volatility. The chances now, of ETF's ever happening become presumibly worse. It's dangerous for regulators to also at this point announce an ETF, just for the simple nature that it will create another positive feedback bubble loop.
I don't know where some of you guys find the extra money under the cushions and couches... to catch what is essentially a falling knife.
God speed to you if Eth is $1000 next year... but... The technicals are so manipulated, flawed, incoherent.
RSI, MACD, Bolingers, near meaningless, and that's whats scaring away everyone.
We've only had 10 years of track history in crypto, so Im hesitant in treating the system with accurate technicals. The stock market indices have a track history of 100+ years. After time and stability, measurements, certain indicators were introduced. Bollinger Bands, etc. Do these measurements aid in predicting where BTC or your favorite coin is going? In my opinion, no. Now, its MOMO, Social Media, and #Yacht.
Long term, sure... were still up... or anyone that bought in prior to 2017 basically. So, I guess the moving average, over 10 years - is an okay indicator, but wait....
When AMD announced earnings a few weeks ago - they made a bold statement stating their 3rd/4th quarter revenue on GPU's for crypto would be near zero. Which is a very very bearish stance.
These huge price swings are freaking everyone out. Im not gonna use the "T" word yet..... as is the political climate -- and most politicians simply won't come out and say.... Tulip Mania.
The Dutch East India Company was the largest company of its time, valued at $7.1 adjusted for inflation. All because of... spice... opium... and most of all a bubble in tulips.
I'm more inclinced to study a bubble right now, so much so than the individual coins. But, the system as a whole intrigues me. Regardless if it goes up or down. It's already been concluded that Tether was behind December's bubble. Academics have already proven this.
It's pretty settled, like climate science. Going forward, with that conclusion in mind, put yourself in SEC regulators shoes now. There are too many questions, with not enough answers. There is no transparency. The exchanges, and the transfer of USDT is causing havoc in the system. If Bitfinex is the biggest exhcange in the world by volume, and they've basically had zero banking/shady banking since April of 2017, until "the largest exchange in the world" is put in its place - I honestly just have a fatalistic viewpoint on crypto. Coinbene pulled off the same trickery. Can you explain the BitForex volume on this picture?
This is now. How would one explain this to SEC regulators? https://imgur.com/a/SsNQjFW The majority of the members in this group are going to be long term bullish on cryptocurrency. I cant untangle that or the get quick rich mentality. The goal is to make money, but also to have discussion; on the flaws of the current marketplace. There are no assurances it will go up.
This isn't the stock market.
This isn't even OTC assets. Not saying Bitcoin or Crypto overall will go to zero. I'm only trying to ascertain my perspective, and pass it onto some of the more bullish investors.
I have money in, but more or less sitting on sidelines with majority posted gains. I want to atleast share the other side of the mirror. Unlike previous, crashes, corrections, there are certainly more variables.
In the old days, you didn't have this number of alt coins. You didn't have the type of manipulation, social media advocates (Dennis Rodman; Potcoin; John McCafe). You didn't have Tether. You didn't have exchanges locked out by banks. Or government regulations, or China saying no. You definately had exchanges collapse. Back then, people still looked at Bitcoin as a growth opportunities and this futurisitic way of paying for goods. When China backed out, it changed my perception of the future. Also, everyone thought the transfer of Bitcoin would be free. Turned out, thats a big fat lie. That's why the system was basically built.
The banks and governments have crypto by the balls. And when MJ is legalized in the USA, all the PotCoin whales are just going to dump via Eth.
(Joking). The only winners right now, are the exchanges (and circa this post Dogecoin). I still have not seen or heard of any winners in the decentralized era. AuraDao was supposed to be that. It's not. Anyways, Vitalik B. was quoted the other day as saying we'll never see the 1000x folds again in our lifetime.
Meaning, if we invest today in 60 years we won't be Warren Buffet Jr. I think the overall sentiment is, (Im just speaking for the majority of people) is, people saw a technology. Then saw how the technology was exploited. In an unregulated environement. The sentinment is, unregulated currencies are fatally flawed. So, while they might stick around I think Dec 2017 was a one time only. Bitcoin rose to fame like Rhonda Rhousey. Then she lost. Sure, shes still around.. I guess. :P ~$6200'ish is the break even point for mining BTC profitably
(across generational AntMiners). Just thought I'd throw that tidbit out there. You might see some strange 'floors' and 'supports' that look unnatural in the coming days. At thats the bottom line, cause Stone Cold said so. *Glass breaks
It feels like we’re about month six into an indefinite branding war with the mainstream financial community and even some of our own over whether bitcoin per se, or blockchain technology (sans deflationary currency) is the winning fintech innovation from 2009. And admittedly, there are good arguments against bitcoin becoming a legitimate currency — or even a rails of payments used by anyone who prefers to keep their bank account intact and stay on the right side of the law. submitted by
For instance, there is still institutional fear that the technology is infeasible to use for payments because it’s impossible to reverse charges, and difficult to surveil the bitcoin network for bad actors and black market transactions (both problems seem solvable by bitcoin startups). There is wariness to buy-in to the “bitcoin as a backbone” argument where institutions hide the currency and use the tech and its token behind the scenes, mainly because bitcoin is still (according to its own chief scientist) in a beta release. The security of the network is still relatively weak, and hundred billion dollar multi-nationals aren’t going to invest in a network that might cease to exist in five years without any clear contingency plans.
As a Bitcoin permabull, these short term challenges don’t bother me. But I list them because they are rational concerns and ones that will take years to quell at an institutional level. In the meantime, you’ll see dabbling in alternative protocols like Ripple and Stellar and Ethereum and Hyperledger, and (gasp) these same institutions will even fork open-source code and make it their own. (Michael Lewis writes in Flash Boys about the laughable degree to which Goldman makes open-source code their own “IP”.) I think Tim Swanson’s paper nailed it (for the most part) and that this experimentation with blockchain-not-bitcoin is perfectly fine.
Bitcoin might not ultimately make it as a currency in the world’s largest economies, and it might prove to be a pretty poor store of value if its corresponding tech is relegated to second-tier status in favor of a more government/bank friendly protocol. With that in mind, competition is healthy and new ideas are welcome when it comes blockchain tech, I think.
But there is a huge caveat.
The longer that bitcoin survives, the more likely it is to disrupt a large swath of developing economy currencies. I’m increasingly convinced that Wences et al have been right all along with bitcoin as a value store (reserve) emerging as its hidden-in-plain-sight killer app. In a stroke of irony, we might be looking at 50–50 odds that bitcoin’s character arc goes from cryptoanarchist currency, to commodity that powers 1.0 financial technology, and back to functional currency reserve for much of the developing world. And if that’s where it settles for the medium-term, it would still be a phenomenal outcome.
Consider: Bitcoin inflation slows to ~4% by 2017 — reasonable by most any economist’s modern standards and not too far off of the target thresholds for most central banks. This is also a predictable 4%. Yes, that figure belies the forex swings that bitcoin will inevitably experience as a young currency, but the rate of seignorage will still be quite low. And less new bitcoin money creation will inevitably reduce sell-side pressure from miners as a percentage of total network transactions. That could and probably will help the market stabilize enough to price more and cheaper derivatives to hedge out volatility for those who don’t want it.
Consider: Most developing economy currencies suck, and will be debased into oblivion within two decades, if not much sooner. If you believe your current currency has a 50% chance of being completely destroyed in the next ten years, and think bitcoin has a 50% chance of being alive at all, it makes sense to buy bitcoin with your less sexy currency. It probably only takes one country to start buying bitcoin for their central bank (as if it’s gold), for others to follow suit in rapid succession. (FWIW, Gyft’s Vinny Lingham, who has proven to have an uncanny knack for picking the price trends that matter, agrees with me.)
Consider: Dozens of countries around the world already operate on a two currency system with the US dollar as a viable alternative to their local options. Economists’ dismissiveness of bitcoin as a potential reserve currency on the grounds that “governments and their central banks would never cede that kind of monetary control” ignores pretty much all of the evidence that already exists which shows how it is an extremely rare luxury to live in a country with a central bank that has any flexibility whatsoever with respect to monetary policy. i.e. if a country’s central bank stores dollars and gold, it might like BTC.
Consider: Not even the US dollar is likely to be the world’s reserve currency in 20 years. I have begged on social media for some smart economist to refute this, but none have so far. It’s easy to look at our surging economy and think “we’re still the best”, but China’s economy will dwarf our own by 2040. India will likely eclipse us as well. And its a slam dunk that frontier markets will continue to command a larger chunk of the global GDP pie. (Europe is still probably screwed.) In a world where the US is the second or third largest economy in the world and commands 15% of its GDP rather than 25%, who honestly thinks the greenback is going to be the only currency reserve? (That’s not rhetorical, by the way. Send me a counter-argument and I’ll reprint it.)
If all that is true, then it follows: In a world where even the mack daddy of all fiat reserve currencies is dethroned, and a neutral, stable, predictable alternative exists, some countries are going to start taking a chance on bitcoin. It really only takes one successful experiment to create a domino effect, and those tier II (and III and IV) government currencies will collectively fade to black. The longer bitcoin survives, the longer we have to build the robust infrastructure to support a fully functional bitcoin ecosystem that could swoop in to support an entire small country. All we need to do is stay heads down and wait for one regional storm to brew in a world that is frankly already plagued by currency wars.
In a stroke of irony, policymakers and Keynesian economists might finally see the “bancor” global reserve currency that their idol John Maynard Keynes proposed 80 years ago.
Only it will sneak up on them from the frontier. And it will be completely beyond their control.
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