Mumbai: According to the news agency Reuters, sugar export from India could rise by 14 per cent in 2020-21 season compared with a previous season as Indian mills have started signing sugar export deals without assistance from government subsidy.
The exports will help India to lower stockpiles and benefit the millers as the global prices are higher than the domestic sugar prices.
Prakash Naiknavare, managing director of the National Federation of Cooperative Sugar Factories Ltd, said, “For the current season India could easily export 6.5 million tonnes of sugar and the exports could rise if the global prices rise above 18 cents.”
India in mid-December had approved an export subsidy to help cash-strapped sugar mills to export 6 million tonnes of sugar in the 2020/21 marketing year that ends on September 30. Recently, the government slashed subsidy on sugar exports from Rs 6,000 per tonne to Rs 4,000 per tonne in view of firm global prices.