Business News | India Extends Restriction on Sugar Exports by a Year
Get latest articles and stories on Business at LatestLY. The restriction is not applicable to the sweetener (raw, refined and white) being exported to European Union and the US under CXL and TRQ quota.
New Delhi [India], October 29 (ANI): India has extended the restrictions on the export of sugar by one year through October 31, 2023, according to a notification by the Directorate General of Foreign Trade.
Initially, the restrictions were imposed starting June 1 to October 31, 2022.
However, the restriction is not applicable to the sweetener (raw, refined and white) being exported to European Union and the US under CXL and TRQ quota, the notification put out by DGFT on Friday said.
It added that other conditions such as mandatory permission from the relevant department for exports would remain unchanged.
The idea behind the sugar export restriction -- putting a cap on the export of sugar to 100 lakh metric tonnes (LMT) -- was to make prices of sugar stable, Sudhanshu Pandey, Secretary, of the Department of Food and Public Distribution, had said in May. while imposing the restriction.
The government wants to ensure enough sugar stock availability in India and the export restriction has been purely imposed to safeguard the interests of the domestic supply. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)