Govt may consider increasing Sugar export quota after evaluating local output in January
In November, the government allowed export of 60 lakh tonnes of sugar for the 2022-23 marketing year (October-September).
The government may consider increasing sugar export quota for the current 2022-23 marketing year after assessing the domestic production in January.
In November, the government allowed export of 60 lakh tonnes of sugar for the 2022-23 marketing year (October-September).
India exported a record 111 lakh tonnes of sugar in 2021-22 marketing year.
On being asked if the government will consider increasing export quota, Food Secretary Sanjeev Chopra said the ministry will assess the domestic production of sugar in January and then decide whether to raise the quota or not.
The food secretary was speaking on the sidelines of Annual General Meeting (AGM) of industry body ISMA.
Addressing the AGM, Indian Sugar Mills Association (ISMA) President Aditya Jhunjhunwala hoped that the government will increase the export quota from the current 60 lakh tonnes.
"We are grateful that exports are allowed with the option provided to sugar mills to exchange their export quota with domestic sugar sale quota," the president said.
This is much on the lines of the request made by ISMA and equitable to all sugar mills, he added.
"We are confident that you will allow additional sugar export in the current season, after duly evaluating the sugar production early next year," Jhunjhunwala said.
This additional sugar export will help us effectively utilise the surplus sugar production in the season and generate revenue from the same, he added.
As per ISMA's estimate, the total sugar production is expected to be the highest ever at 410 lakh tonnes (before diversion for ethanol) in the 2022-23 marketing year. Sugar diversion towards production of ethanol is estimated to be at 45 lakh tonnes in the current marketing year.
Hence, the net sugar production after factoring in the diversion is expected to be at 365 lakh tonnes in 2022-23 marketing year.
ALSO READ | Hindustan Petroleum to raise Rs 10,000 crore in debt; to fund oil refining, fuel marketing operations
Click Here For Latest Updates On Stock Market | Zee Business Live
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
IRCTC Dividend 2024: Railway PSU announces 200% interim dividend - Check record date and other details
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Reduce Home Loan EMI vs Reduce Tenure: Rs 75 lakh, 25-year loan; which option can save Rs 25 lakh and 64 months and how? Know here
Top 7 Large and Mid Cap Mutual Funds with Best SIP Returns in 5 Years: No. 1 fund has turned Rs 15,000 monthly SIP investment into Rs 20,54,384; know about others
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
PSU Oil Stocks: Here's what brokerage suggests on these 2 largecap, 1 midcap scrips - Buy, Sell or Hold?
08:20 AM IST