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GST is a positive step for sugar manufacturing as purchase tax no longer applicable: Narendra Murkumbi, Shree Renuka Sugars

Monsoons have arrived and as per the met department rainfall is at 104 percent in June, which is much above the normal levels. A better than expected monsoon means bumper harvest but the cascading effect is seen on prices of agri commodities and sugar is among the worst hit. Prices in domestic market are at a six month low and global prices are at sixteen month low. Sugar companies are feeling the heat with surplus production vis-à-vis lower demand as well as destocking ahead of g-s-t rollout. CNBC-TV18’s Manisha Gupta was joined by Narendra Murkumbi, Vice Chairman and Managing Director of Shree Renuka Sugars to discuss more about this.