New Delhi: Indian government may ban sugar exports for first time in 7 years. The government is planning to ban sugar exports for the next season starting in October. This may increase the price of sugar in global markets.
The decision was taken due to diminished cane yields caused by insufficient rainfall. Monsoon rains in Maharashtra and Karnataka were up to 50% below average this year.
Our primary focus is to fulfil local sugar requirements and produce ethanol from surplus sugarcane. For the upcoming season, we will not have enough sugar to allocate for export quotas ,’ said a government source to media.
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As per experts, the sugar production in India might drop by 3.3% to 31.7 million tonnes in the upcoming 2023/24 season. Earlier the Union government allowed mills to export o 6.1 million tonnes of sugar in the current season, compared to 11.1 million tonnes in the previous season. In 2016, India imposed a 20 per cent tax on sugar exports to curb overseas sales.
Earlier the Indian government had imposed a ban on non-basmati white rice exports. The government also imposed a 40% duty last week on exports of onions.
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