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MUMBAI, Sept 9 (Reuters) – India is likely to export 6 million tonnes of sugar in the new marketing year starting from Oct. 1 as a rally in global prices due to a drop in Brazil’s output has made exports feasible for Indian mills, a leading trade body said on Thursday.
The world’s second biggest sugar producer is set to export a record 7 million tonnes of sugar in the current marketing year, banking on a government subsidy for overseas sales, the Indian Sugar Mills Association (ISMA) said in a statement.
The government has ruled out a subsidy for next season as global prices have jumped to a 4-year high.
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(Reporting by Rajendra Jadhav; editing by Jason Neely)
((rajendra.jadhav@thomsonreuters.com; +91-22-68414378 ; Reuters Messaging: rajendra.jadhav.thomsonreuters.com@reuters.net))
