India extends ban on sugar export for one more year

Based on a government notification, India has extended the ban on sugar exports for one more year till October 31, 2023, reportedly to stop a spike in the domestic prices resulting from record exports.

At present India is the largest producer and consumer of sugar in the world and its sugar exports increased by around 57% to nearly 109.8 lakh tonnes during the marketing year 2021-22.

The government and industry officials expect India to produce a record sugar crop this year which would allow New Delhi to grant permission for exports of around 8 million tonnes. India’s sugar export which had increased by 57% is reported to have brought in foreign currency worth around Rs.40,000 crores.