Government mulls curbs on sugar exports – Deccan Chronicle

MUMBAI: India plans to restrict sugar exports for the first time in six years to prevent a surge in domestic prices and could cap this season’s exports at 8 million tonnes, government and industry sources told Reuters. An announcement could come early next month, they said. Shares in sugar manufacturers slid on the news, with Dhampur Sugar Mills and Balrampur Chini each tumbling 5 per cent and Dwarikesh Sugar losing 6 per cent. “Sugar output is going to be a record high, but stocks are depleting fast because of exports. Uncontrolled exports could create scarcity and local prices could spike during festive season,” said a senior government official with knowledge of the matter who asked not to be identified. Two of three sources said the government has planned a cap of 8 million while one official said the government is also exploring the option of a levy on exports to discourage overseas sales. The Ministry of Commerce and Industry did not immediately respond to a request for comment. A cap of 8 million tonnes for the marketing year to end-September could result in a de facto ban for exports from May as dealers say mills have already contracted to export…
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