New Delhi: As a measure to clear the surplus sugar stock, India exported 37 lakh tonnes of sugar in the 2018-19 season. The information was tabled by Union minister Raosaheb Danve in Rajya Sabha on Friday. He stated that the sugar mills were advised to export sugar as per their MIEQ (Minimum Indicative export Quota).
Danve said that, in a bid to reduce the sugar surplus, MIEQ of 50 lakh tonnes of sugar was fixed for export in the sugar season 2018-2019. There was no compulsion on the mills to export sugar, and they were free to export it as per their commercial decision.
To reduce the sugar surplus, the government announced 60 lakh tonnes of sugar export subsidy for 2019-20 sugar season. The policy involves an export subsidy of Rs 10,448 per metric tonne (mt) to sugar mills. The total estimated expenditure government will bear Rs 6,268 crore.
The Indian sugar sector is suffering from various hurdles from the last two to three years, and to bring the sector out of the crisis, the government had introduced various measures, including sugar export subsidy. Sugar surplus in the country causing harm to the sector, so the shipments will be helpful in reducing the sugar glut in India.
To Listen to this News click on the play button.
