Govt stops fresh sugar export permit under open license
Government has stopped fresh sugar export permit under open license as the limit has been exhausted.
By INDIATIMES NEWS NETWORK |
NEW DELHI: Government has stopped fresh sugar export permit under open license as the limit has been exhausted. But it would affect companies, given that the actual amount exported is still below the limit, reported a private television channel.
It is awaiting poll panel nod to raise sugar export quantum cap.
The government cannot take any politically popular decision before elections without the approval of the election commission. The key sugar-producing state of Uttar Pradesh goes to polls in April.
Earlier, Farm Minister Sharad Pawar was quoted as saying on Tuesday that the government had approved a package of incentives to sugar mills to step up exports with the country heading for a bumper output.
India is set to produce more than 25 million tonnes of sugar in the current season that ends in September, up 30 per cent from the previous year and higher than earlier estimates.
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The fall in output last year had pushed domestic prices up 20 per cent, and the government slapped a ban on exports in August.India lifted the ban in January but a drop in global prices to $300 a tonne from $400 about six months before made exports unprofitable.
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