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NEW DELHI: Against the export target of 60 lakh tonnes of sugar for this year, mills have signed contracts for exporting 70 lakh tonnes, the food ministry said on Thursday amid reports of firming up of the sweetener’s price in the global market.
Considering the increasing price of sugar in the international market, the ministry has also advised mills to plan for raw sugar production for export in the ensuing sugar season 2021-22 from the beginning and that they should sign forward contracts with the importers.
Considering the increasing price of sugar in the international market, the ministry has also advised mills to plan for raw sugar production for export in the ensuing sugar season 2021-22 from the beginning and that they should sign forward contracts with the importers.
On Wednesday, rating agency ICRA had issued a forecast that the prospects of sugar exports from India for the 2021-22 marketing year starting October would be brighter even without the government subsidy as international prices have been firming up for the past one month. Getting better prices in the international market will also help Indian millers to get more revenue, which will help them clear arrears of cane-growers.
The above news was originally posted on timesofindia.indiatimes.com
