The government imposed restrictions on sugar exports from June 1, 2022. The reason for stopping exports is that the government wants the country to have around 60-62 lakh tonnes of sugar by September-October, the food and public distribution secretary told Zee Business. Ambrish Pandey's report.

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According to the secretary, exports are increasing in the country. From 2016-17 till now, there has been a growth of 200 percent in exports. The export of sugar is reaching 100 lakh metric tonnes. Apart from this, the closing stock of sugar is getting reduced every year. The closing stock of sugar may remain at 62 lakh metric tonnes, he added.

Food and Public Distribution Secretary said that even industries will not be able to export more than 100 LMT.

He further said that the farmers have been refunded up to 99.63 percent of for their crops last year. He said that the government's aim is that there should not be a sudden increase in the prices of sugar due to the shortage, he added.

The country has become the largest producer of sugar. Apart from that, it has also become the second-largest exporting country in terms of exports.

"The government is worried about food inflation, and that`s why it is trying to ensure that enough sugar remains in the country to cater to the festival season," a Reuters report said quoting a Mumbai-based dealer with a global trading firm.

Indian mills have so far signed contracts to export 9.1 million tonnes of sugar in the current 2021/22 marketing year without government subsidies. Out of the contracted 9 million tonnes, mills have already dispatched around 8.2 million tonnes of the sweetener.

(With the input of Reuters)