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Indian mills likely to export 60-70 lakh tonnes sugar with govt incentives : Senior official

26 Oct 2021 10:03 pm
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New Delhi, October 26 (Commoditiescontrol) Indian mills will have to export sugar without subsidy in the current season as the government is not going to continue incentives for exports of sugar in 2021-22. A senior official of the Food Ministry said during webinar that sugar mills should take benefit of higher international prices and export maximum quantity.

India needs to export nearly 60-70 lakh tones of sugar in the current season without government incentives to reduce inventories and ensure domestic prices remain firm despite surplus production, said the official.

Sugar exports by the world's second biggest producer could cap global prices , which rose to a 4-1/2 year high this month on expectations that supplies from top producer Brazil will decline as a result of drought and frosts.

India exported a record 72 lakh tonnes of sugar in 200-21 and sugar mills of the country have so far signed contracts to export 18 lakh tonnes in the 2021-2022 marketing year.

Global raw sugar prices need to rise above 20 cents per lb to ensure India exports 5 to 6 million tonnes in the current year as the government is not providing a subsidy, Marex Spectron analyst Robin Shaw told the webinar.


       
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