Government may ban the export of sugar, this decision will be taken for the first time in 7 years
Due to bad weather this year, the government may ban the export of sugar. Let us tell you that an increase in the inflation rate has also been registered in the last month. The reduction in the production of sugarcane in the country is believed to be the reason for this. Because of this, the government can take this decision. Let us tell you that 7 years ago the government banned the export of sugar.
The government can make a big decision regarding the export of sugar. The Government of India may ban the export of sugar starting in October. The government can order the sugar mills present in the country not to export sugar. If the government takes such a decision, then let us tell you that 7 years ago, the government banned the export of sugar.
This information has been received from Reuters. Let us tell you that the government has not yet taken any decision on this.
This year, due to unseasonal rains, the yield of sugarcane has come down. If India does not have a place in the global sugar market, then the benchmarks of New York and London will be directly affected. New York and London benchmark prices may increase. Let us tell you that for many years the price of sugar was at the highest level. Inflation in the global food markets may increase due to the ban on the export of sugar.
Our primary focus is to meet the local sugar requirements and produce ethanol from the rest of the sugarcane. If the government does not ban exports, we will not have enough sugar in the coming season. Due to this, the export of sugar may have to be banned.
The production of sugar this year was 50 percent less than the rest of the year. Most of the sugar production in India comes from the western state of Maharashtra and the southern state of Karnataka. Due to heavy rains this year, the production of sugarcane has come down. Apart from this, the plantation of sugarcane has also decreased in the country.
Sugar prices have also seen a rise this month. Let us tell you that this week the price of sugar was the highest in almost two years. Along with this, there has also been a rise in the retail inflation rate in the country.
