India imposes restrictions on sugar exports, sets a limit of 10 million tonnes
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The biggest sugar producer in the world is India. It is also the second biggest exporter after Brazil. The decision will help the country sell a huge quantity of sugar in the world market. Earlier, the limit was going to be 8 million tonnes. The government later decided to raise it to 10 million tonnes, exporters said
For the first time in six years, India seems to have imposed restrictions on sugar exports. The government has put a limit of 10 million tonnes on the exports for this season, an order said. The move has been taken to keep a check on the prices in the domestic market, media reports said. The mills of the country have already sold a record volume in the world market. For any shipments to overseas from June 1 to October 31, the exporters have been told to ask for permission from the government, as per the order.
The biggest sugar producer in the world is India. It is also the second biggest exporter after Brazil.
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The decision will help the country sell a huge quantity of sugar in the world market. Earlier, the limit was going to be 8 million tonnes. The government later decided to raise it to 10 million tonnes, exporters said.
"The government is worried about food inflation, and that's why it is trying to ensure that enough sugar remains in the country to cater to the festival season," a Mumbai-based dealer, who works with a global trading firm told Reuters.