Winning Bizness Desk

Mumbai. The Indian government has extended the ban on the export of sugar till October 2023. Sugar exports were banned from 1 June 2022 to 31 October 2022 in view of its rising price in the domestic market after the record export of sugar. Notably, India is the world's largest producer of sugar and the second largest exporter after Brazil. Bangladesh, Indonesia, Malaysia and Dubai are among the largest buyers of Indian sugar.

Just a precautionary step

This is because the domestic supply of sugar is abundant. According to the Indian Sugar Mills Association, India is expected to produce 35 million tonnes and consume 27 million tonnes this season. There is a surplus of 16 million including the last season's reserves of about 8.2 million tonnes. In the last year, the country has exported a huge quantity of sugar. Last year, the target of exporting sugar up to 60 Lakh Metric Tonne was set, but in reality 70 LMT of sugar was exported. Similarly this year also 82 LMT of sugar was exported from Sugar Mill. This year's sugar export is believed to be the highest ever. The government's plan to limit sugar exports seems to be too much of a precaution.

Export of wheat was also banned

In view of the rising prices of wheat, India had banned its export in May this year. India has imposed restrictions on the export of wheat as part of measures to control rising domestic prices.