As another measure to balance the price stability of sugar in the country and the financial positions of sugar mills in the country, based on initial estimates of sugarcane production, Government of India has allowed export of sugar up to 60 LMT during the sugar season 2022-23. The Directorate General of Foreign Trade (DGFT) has already notified to extend the inclusion of sugar exports under 'Restricted' category up to 31st October, 2023. The Central Government has prioritized availability of about 275 Lakh Metric Tonnes (LMT) sugar for domestic consumption, about 50 LMT sugar for diversion to ethanol production and to have closing balance of about 60 LMT as on 30.09.2023. Balance quantity of sugar produced by sugar mills in the country would be allowed for exports. Since at the beginning of sugar season 2022-23, initial estimates of sugarcane production are available, it has been decided to allow export of 60 LMT sugar. The sugarcane production in the country will be reviewed periodically and based on the latest available estimates, quantity of sugar exports to be allowed could be reconsidered. During SS 2021-22, India exported 110 LMT sugar and became second largest exporter of sugar in the world and earned about Rs. 40,000 crore worth of foreign exchange for the country.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
