NEW DELHI: India has exported 29.95 lakh tonnes (LT) of sugar during the first ten months of the current fiscal that is valued at $194 million, Parliament was informed.
The Country had exported 19.55 LT of sugar in 2014-15 fiscal valued at $103.93 million. "At present, export of sugar is free without any restriction. The Government is not promoting its export with a view to expand sugar mills in the Country," Commerce and Industry Minister Nirmala Sitharaman said.
However, with a view to reduce the inventory pressure on domestic sugar prices, the Government has fixed Minimum Indicative Export Quota (MIEQ) for each mill for sugar season 2015-16 so as to evacuate surplus stocks, she said. The Minister also informed that the Indian Missions located in target countries have been requested to pursue various trade opportunities with a view to evacuate surplus sugar. Trade delegations have also been mounted to some of the important destination countries, she said.
According to industry body Indian Sugar Mills Association (ISMA), the country's sugar production rose 2 per cent to 19.94 million tonnes(MT) during the first five months of the current marketing year (October-September).
Source: Dailyshippingtimes.com
