Centre Allows Sugar Export Of Upto 60 LMT For Season 2022-23 To Stabilise Sugar Prices
The Centre has asked the sugar mills to export speedily to make early payment to farmers.
The Government of India on Sunday allowed the export of sugar upto 60 Lakh Metric Tonnes (LMT) during the sugar season 2022-23 to stabilise sugar prices and financial positions of sugar mills in the country. In a press release, the Ministry of Commerce and Industry said, “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, the Government of India has allowed export of sugar upto 60 LMT during the sugar season 2022-23.” It added that DGFT (Directorate General of Foreign Trade) has already notified to extend the inclusion of sugar exports under the ‘Restricted’ category up to 31st October, 2023.
The release said that the government has prioritized the availability of about 275 LMT sugar for domestic consumption, about 50 LMT sugar for diversion to ethanol production, and to have a 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”, it added.
India earned Rs. 40,000 crores worth of foreign exchange by exporting 110LMT sugar during the sugar season 2021-22. As on 31.10.2022, more than 96% of the cane dues of farmers for sugar season 2021-22 were already cleared despite record procurement of sugarcane of more than 1.18 lakh crore rupees, the Ministry said.
The government has time and again pitched in for ethanol production to reduce dependency on fuel imports. “The sugar export policy is another mechanism to ensure the availability of sufficient sugarcane/sugar/molasses for ethanol production. Diversion of sugar towards ethanol production during ESY 2022-23 is expected to be 45-50 LMT”, the Centre said.
The government, through release, said that during sugar season 2022-23, sugar mills were not given any subsidy for sugar production/marketing, and even in the current season, the sugar sector of the country is expected to perform well with no financial support from the Government of India.
Trending News
Top Headlines
