India is unlikely to ease restrictions on exports of sugar until at least October and any reconsideration of the ban will depend on the progress of planting for the upcoming season, reported Money Control, citing a government official on the condition of anonymity.
India, the world’s second-largest sugar producer, imposed a restriction on sugar exports anticipating a reduced harvest due to unpredictable monsoon rainfall. This decision aimed to stabilize domestic prices.
“The rain forecast is good so far, but figures on plantation will decide which way the review will go. On sugar there won’t be an immediate review. The restrictions have helped manage price increases. Without these measures, prices could have escalated much higher than current levels,” the official commented.
Recently, ISMA urged the Government to consider permitting the export of 20 lakh tonnes of sugar in the current season. According to the sugar body, export will improve the financial liquidity of sugar mills and enable timely payments to farmers. ISMA believes that allowing exports will contribute to the smooth functioning of the sugar industry and foster economic stability.
