During the 2019-20 season, India posted record sugar exports of almost 60 lakh tonne and created new markets by establishing Indian brands.
Sugar millers have appealed to the Centre to urgently announce a policy for the export of sugar. The appeal comes in the wake of a recent statement by Food and Commerce Minister Piyush Goyal that the government is currently not considering an extension of sugar export subsidies for the 2020-21 season in view of stable international prices.
During the 2019-20 season, India posted record sugar exports of almost 60 lakh tonne and created new markets by establishing Indian brands. For the first time, India reached markets in Indonesia, China, Bangladesh, Korea, Malaysia, Sri Lanka, Iran, the Gulf countries as well as Yemen, Somalia and Sudan in the African continent and created a permanent market, the National Federation of Cooperative Sugar Factories (NFCSF) has said.
According to Prakash Naiknavare, NFCSF, these efforts will go waste if the country withdraws from international trade. Moreover, Brazil with 100 lakh tonne of excess sugar production, and Australia will take full advantage of India’s absence and close the doors for future entry in the global markets, he said.
The country already has a huge inventory of sugar, due to which the industry fears a collapse unless the government announces an export policy compatible with WTO guidelines. With the domestic consumption at 260 lakh tonne, there is a need export at least 50-60 lakh tonne, failing which India will end the season with a closing stock of 158 lakh tonne, the federation said.
Source:-financialexpress.com