Business

India Won’t Allow New Sugar Exports To Prevent Domestic Shortages

India has decided not to allow any more sugar exports for now on concern that weaker production will threaten domestic supplies. That means there won’t be additional exports beyond the 6 million tons India has already allowed this season.

The government has not approved new sugar shipments after meeting with some cane officials from major producing regions this week. Prices have since retreated as traders shift their focus to burgeoning supplies from Brazil and Thailand, the other major shippers.

Also read: YouTube Gets New CEO: Indian-American Neal Mohan To Be Next Head As Susan Wojcicki Steps Down

Meanwhile, India’s biggest sugar-producing region of Maharashtra has cut its production estimate to 12.4 million tons this season, compared with a previous forecast of 12.8 million tons. Shekhar Gaikwad, the state’s sugar cane commissioner, said unseasonable rains have reduced yields.

Average cane yields in Maharashtra this season are estimated at 87 tons per hectare, compared with 98 tons a year earlier, he said.

Also read: Adani-Hindenburg: Supreme Court Refuses To Accept Centre’s Suggestion On Panel Of Experts In Sealed Cover, Pitches For Transparency

Sugar production was 13.8 million tons in the previous crop year. The Indian government will assess domestic supply and demand again in March, when cane crushing nears its end, before taking a call on exports.

The global sugar market has anticipated the move. Prospects for lower India exports sent prices soaring early this month to the highest since 2016, threatening more inflationary pain by increasing the cost of making pastries, candy, and soft drinks.

Spriha Rai

Recent Posts

Centre Disburses Rs 1,162 Crore Under Telecom PLI Scheme

The Central government has disbursed ₹1,162 crore under the Telecom PLI Scheme till 31 March,…

4 hours ago

UAE Expands Visa-On-Arrival Policy For Indian Citizens To Boost Bilateral Ties

Under the revised rules, Indian passport holders with valid residence permits from Australia, Canada, Japan,…

6 hours ago

India’s Flavours, Culture & Heritage To Grace New York At ‘NMACC India Weekend’

India is all set to bring its essence of aroma, taste, and culture to the…

6 hours ago

Home Minister Amit Shah Rules Out Talks With Maoists Holding Weapons

Union Home Minister Amit Shah reaffirmed the Centre’s commitment to end Naxalism by 31 March…

6 hours ago

Gold, Silver Prices Fall Sharply This Week; Global Trends, Geopolitical Easing Behind Dip

There is some relief for buyers as gold and silver prices dropped notably this week.…

7 hours ago

Ethanol Blending Boosts Farmers’ Income, Saves Rs 1.36 Lakh Crore In Forex: Hardeep Puri

India’s ethanol blending programme has reduced the country's dependence on crude oil imports and increased…

8 hours ago