Ban extended
In a surprising turn of events, India has extended its ban on onion exports indefinitely, sending ripples through both domestic and international markets.
In order to stabilize sugar prices and also the financial positions of sugar mills in the country, the Centre has allowed the export of sugar up to 60 lakh metric tonnes (LMT) during the sugar season 2022-23.
Directorate General of Foreign Trade (DGFT) has already notified to extend the inclusion of sugar exports under the ‘Restricted’ category up to October 31, 2023.
The government has prioritised the availability of about 275 LMT of sugar for domestic consumption, about 50 LMT of sugar for diversion to ethanol production, and has a closing balance of about 60 LMT as on September 30, 2023.
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The balance quantity of sugar produced by sugar mills in the country would be allowed for exports.
Since the beginning of the sugar season 2022-23, initial estimates of sugarcane production are available, it has been decided to allow the export of 60 LMT sugar.
The sugarcane production in the country will be reviewed periodically and based on the latest available estimates, the quantity of sugar exports to be allowed could be reconsidered, official sources said.
During the sugar season of 2021-22, India exported 110 LMT of sugar and became the second largest exporter of sugar in the world and earned about Rs 40,000 crore worth of foreign exchange for the country.
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