New Delhi: The Central Government has extended the limit applicable to the export of sugar from India by one more year. This has been extended till October 2023. The government issued an order on Friday regarding the extension of the restrictions. Explain that India is the largest producer of sugarcane. According to Reuters news, officials have said that this time the country is expected to have a record sugarcane production. This can create an opportunity for India to export 8 million tonnes of sugar.
The consumption of 27.5 million tonnes of sugar is estimated in India in the sugar season 2022-23. Of this, 45 lakh tonnes of sugar will be used by mills to make ethanol. Apart from this, 60 lakh tonnes of sugar will be kept as annual savings stock.
Benefits to Chinese exporters
Sugar exporters will benefit from the extension of the limit on the export of sugar. Exporters will get benefit from increased prices in global markets. According to the news, the exporters have already signed a deal for the export of 4 lakh tonnes of raw sugar for 2022-23. In the current marketing year, India has restricted the export of sugar to 1.12 crore to control the rising prices. Significantly, India is battling a very high inflation rate. Recently, the country banned the export of wheat. Along with this, the export of sugar was also restricted.
Sugar season 2021-22 was heavily exported
In the last sugar season, 19 million tonnes of China were exported, which was 57 percent more than the previous season. Due to this, India received an investment of Rs 40,000 crore. At the end of the sugar season 2021-22, the sugar mills were left with Rs 6000 crore for the sugarcane farmers. This was when the companies had given Rs 1.12 lakh crore to the farmers. A record 5000 lakh tonnes of sugarcane was produced in that season.
Sugar season
The sugar season in India usually runs from October to September. At the same time, sugarcane milling starts in October-November and continues till April. Sugar mills in India start operations with a stock of 80 lakh to 10 million tonnes. However, this year it is expected to be 6 million tonnes.
