The Indian government has authorised the export of 1 million tonnes of sugar for the ongoing 2024-25 season, which runs through to September. This decision was announced by Food Minister Pralhad Joshi via a post on X (formerly Twitter).
Joshi stated that the move is aimed at ensuring price stability in the domestic market, while simultaneously providing support to five crore farmer families and around five lakh workers employed in the sugar sector.
The government’s decision to allow sugar exports is significant, as it comes after a period of restricted exports during the 2023-24 season. Last year, the government had imposed a complete ban on sugar exports due to concerns about maintaining an adequate domestic supply to meet local demand.
With the situation now under control, the government has relaxed the restrictions, signalling confidence in the country’s sugar production and supply capacity for the 2024-25 season.
To manage the exports, the Food Ministry has issued an order allocating specific export quotas to individual sugar mills across the country. This approach is intended to streamline the export process and ensure that mills across India have the opportunity to participate in global markets.
The move is expected to benefit both producers and workers in the sugar sector, boosting their incomes and promoting economic stability in sugar-producing regions.
The government’s approval of sugar exports is seen as a strategic step to strengthen the sugar sector, which plays a crucial role in India’s agricultural economy.
By opening up the export market, India can potentially increase its share in the global sugar trade, while also ensuring that domestic prices remain stable.
The policy is expected to create a more balanced approach between domestic supply and external demand, fostering growth in the sugar industry while also benefiting farmers and workers.
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