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  3. India enters into contract to export about 8 lakh tonnes of sugar so far

India enters into contract to export about 8 lakh tonnes of sugar so far

13 Nov 2018 Evaluate

India, the world's second largest producer of cane sugar, has entered into contract to export about 8 lakh tonnes of sugar so far to countries like Middle East and Sri Lanka, as the country is saddled with surplus stock of sweetener. Out of the total exports, raw sugar comprises of about 6 lakh tonnes and 2 lakh tonnes is white sugar.

The government has made it mandatory for sugar mills to export 5 million tonnes in the 2018-19 marketing year (October-September) to liquidate surplus stock and have also given transport subsidy of Rs 1,000 per tonne to the mills located within 100 km from ports, Rs 2,500 per tonne for mill located beyond 100 km from the port in coastal states and Rs 3,000 tonnes per tonne for mill located in other than coastal states.

To bail out the cash-starved sugar industry, the government, in June, had announced financial package of Rs 8,500 crore to the sector, mainly to boost ethanol capacity. Later, in September, it approved Rs 5,500 crore package that included production assistance to cane growers and transport subsidy to mills for export up to 5 million tonnes in 2018-19 marketing year. Under its 'comprehensive policy to deal with excess sugar production in the country', the government approved increase in the production assistance paid to growers to Rs 13.88 per quintal for the 2018-19 marketing year from Rs 5.50 per quintal this year in order to offset the cost of sugarcane to sugar mills. Besides these financial packages, the government doubled the import duty on sugar to 100 percent and scrapped of export duty on it. Minimum selling price of the sweetener has been fixed at Rs 29 per kg.

India had attained a record 32.5 million tonnes of sugar in the 2017-18 marketing year and the output is estimated to be around same level or slightly lower in the current marketing year. The annual domestic demand is around 26 million tonnes. The country also has an opening stock of 10 million tonnes at the start of the current marketing year that began last month.

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