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By:

Rajendra Joshi

3 December 2024 at 9:20:26 am

The ‘sweet’ scam behind the sugar price surge

AI generated image Kolhapur: A sugar shortage can push up prices. But what happens when prices rise sharply despite the country having enough sugar in its warehouses? That is the uncomfortable question emerging from the sugar market’s July-August price surge. There was no evidence of an outright shortage when the new sugar season approached. Government estimates indicated that the country would have around 43 lakh metric tonnes of carry-forward stock. The Centre, relying on this broad...

The ‘sweet’ scam behind the sugar price surge

AI generated image Kolhapur: A sugar shortage can push up prices. But what happens when prices rise sharply despite the country having enough sugar in its warehouses? That is the uncomfortable question emerging from the sugar market’s July-August price surge. There was no evidence of an outright shortage when the new sugar season approached. Government estimates indicated that the country would have around 43 lakh metric tonnes of carry-forward stock. The Centre, relying on this broad availability, permitted exports of 20 lakh tonnes. And yet, the market behaved as though sugar had suddenly become scarce. At the beginning of July, tender prices were around Rs 3,800 a quintal. By the latter half of the month, prices began climbing rapidly. In the retail market, sugar prices that were around Rs 45 a kg reportedly touched Rs 78. The government responded with stock limits and permission for duty-free imports of 10 lakh tonnes. But these interventions address the symptoms. They do not answer the more fundamental question: what caused the price spike in the first place? The first clue could lie in the lifting quota. The quantity of sugar released into the market in July was lower than expected. By itself, a lower monthly quota need not create a crisis when overall stocks are comfortable. But markets are driven not only by physical availability; they are also driven by expectations. A smaller release can create the perception of scarcity. Once that perception takes hold, stock-holding can become more profitable. The initial spark need not be large if the market has enough speculative fuel. This is why the July episode deserves a forensic examination. The timing is particularly significant. July marked the transition from Ashadh to Shravan, when the festive calendar begins and sugar consumption traditionally strengthens. At such a time, the normal expectation would be that adequate stocks are released into the market to prevent abnormal price escalation. Instead, prices moved sharply upwards. Was this coincidence, a genuine mismatch between demand and supply, or something more? The GST system offers an unusually powerful investigative tool. Every registered transaction leaves a digital footprint. A sugar mill selling to a registered trader generates an invoice recording the quantity, value, date and buyer. The trader’s subsequent sale generates another transaction. GST returns and e-invoices can therefore help create a chain showing who purchased sugar, at what price, when it was invoiced and when it was subsequently sold. This information can be matched with physical stock registers, dispatch records and warehouse inventories. The key question should be simple: Did the sugar that was shown as sold actually enter the market? Suppose a trader purchased substantial quantities in July when prices were relatively low, but the commodity remained physically stored at or near the mill. If the stock was released only after prices rose substantially in August, investigators would have a legitimate reason to examine the transaction more closely. That alone would not prove hoarding or cartelisation. A commercial decision to hold inventory is not illegal merely because prices subsequently rise. Large purchases before a price surge. Delayed physical movement. Repeated transactions among related entities. Unusually high margins. Sudden releases when prices peak. These are precisely the patterns that a data-led investigation can identify.

Indecision Kills Personal Branding

Updated: Jan 20, 2025

Indecision Kills

In a world that celebrates clarity and confidence, hesitancy is a silent yet powerful force that can diminish your personal brand. When people dwell in the realms of “I’m not sure” or “maybe,” they unknowingly project uncertainty and unreliability—traits that can undermine the foundation of a strong personal brand. Your ability to make decisions and stand firm on them is not just a reflection of your leadership but also a testament to your personal brand’s strength.


Every interaction we have leaves an impression. Be it a professional email, a networking event, or a casual conversation, these moments contribute to how others perceive us. When you continuously oscillate between indecision and vague responses, it sends a message that you lack confidence or direction. In business, where trust and reliability are paramount, this can become a significant roadblock.


Imagine a scenario where a client approaches two service providers with the same inquiry. The first one confidently outlines a plan, clearly stating the next steps, while the second hesitates, replying with, “I’m not sure; let me think about it.” Even if both have the same expertise, the client is more likely to gravitate toward the first provider. Confidence fosters trust, and trust is the bedrock of all successful relationships—professional or personal.


Indecision can often stem from the fear of making mistakes or being judged. While this is natural, it’s important to remember that perfection is an illusion. The act of making a decision, even if it turns out to be less than ideal, demonstrates courage, responsibility, and accountability. These are the traits that elevate a personal brand, distinguishing you in a crowded and competitive world.


Being decisive doesn’t mean being impulsive or reckless. It means gathering information, weighing options, and then committing to a choice with confidence. In personal branding, this is particularly crucial because every decision you make—how you respond to challenges, present yourself, or communicate with others—forms part of the narrative others associate with you.


Hesitation and indecision don’t only affect how others perceive you; they also impact how you view yourself. Constantly second-guessing yourself leads to self-doubt, which becomes a self-fulfilling prophecy. The more uncertain you are, the more others will mirror that uncertainty, creating a cycle that can be hard to break.


One way to counter this is by setting clear priorities and aligning your decisions with them. For instance, if your personal brand is centred around being a thought leader in your industry, your choices should reflect expertise and foresight. Even in moments of ambiguity, acknowledging the uncertainty while showing a proactive approach—such as saying, “I’ll find out and get back to you”—conveys both honesty and determination.


During my recent trip to Australia, I was reminded of how decisiveness shapes impressions. Whether interacting with global clients or navigating unfamiliar professional terrains, I realized that certainty in communication was key to building trust and rapport. This was particularly evident when representing my personal brand on international platforms. A clear, confident tone opened doors and strengthened relationships that would have otherwise remained distant.


The next time you find yourself leaning on phrases like “I’m not sure” or “maybe,” pause and ask yourself: Is this hesitation necessary? Sometimes, it’s about silencing the inner critic and choosing to act decisively. Even if the outcome isn’t perfect, the act of making a choice positions you as someone who is reliable, proactive, and worth trusting.


Your personal brand isn’t defined by the absence of mistakes but by how you handle them and move forward. Decisiveness isn’t just about making choices—it’s about owning them. And in a world that often feels uncertain, those who lead with clarity and conviction stand out.


Make your decisions a reflection of your confidence, and watch as your personal brand strengthens, opening doors you never imagined.

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(The author is a personal branding expert. She has clients from 14+countries. Views personal.)

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