To control soaring prices, Center caps sugar exports: The Tribune India


Tribune press service

New Delhi, May 24

In order to maintain domestic availability and price stability of sugar in the country during the 2021-22 sugar season (October-September), the Center has also decided to regulate sugar exports from June 1 until further notice. .

India is the world’s largest producer

  • India is the world’s largest sugar producer and the second largest exporter after Brazil
  • Government will allow export up to 100 LMT
  • Sugar factories and exporters must obtain approvals in the form of export authorization orders from the Ministry of Food.

In view of the unprecedented growth of sugar exports and the need to maintain sufficient stock in the country as well as to safeguard the interests of ordinary citizens by controlling sugar prices, the government has decided to regulate sugar exports to effective June 1, officials said.

Sugar mills and exporters must obtain approvals in the form of export authorization orders (EROs) from the Sugar Directorate, Department of Food and Public Distribution, they said.

The government will allow exports up to 100 LMT so that the ending stock of sugar at the end of the sugar season (September 30, 2022) remains at 60-65 LMT, i.e. stocks for two to three months (the monthly requirement is of about 24 LMT in these countries). months) needed for home use.

The new crushing season starts in October-November. India is the world’s largest sugar producer and the world’s second largest exporter behind Brazil.

Meanwhile, the government has also waived customs duties and agricultural infrastructure development tax on annual imports of 20 lakh metric tons of crude soybean and sunflower oil, in a bid to lower domestic prices.

Duty-free import of 20 lakh MT per year will be applicable for two fiscal years (2022-23, 2023-24) for crude soybean oil and crude sunflower oil, the finance ministry said in a statement. notification. The exemption will help cool domestic prices and control inflation.