Modi government in action on rising sugar prices, exports may be banned!

Modi government in action on rising sugar prices, exports may be banned!

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new Delhi. In order to control the rising prices of sugar in the domestic market, for the first time in 6 years, the central government can control the export of sugar and can set a limit of 8 million tonnes on the export of this season. The news agency Reuters (Reuters) has given this information citing sources related to the government and industries.

Shares of Chinese companies fell
Sources say that an announcement regarding this can be made early next month. Due to this news, there was a huge fall in the shares of Chinese companies in the stock market in Friday’s trading session. Dhampur Chini Mills and Balrampur Chini Mills fell 5 per cent. While Dwarikesh Sugar slipped 6 percent.

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also consider imposing a levy
According to sources, the production of sugar is at its record high, but due to the continuous exports, its stock is continuously decreasing. Due to uncontrolled exports, there may be a shortage of sugar in the country, due to which its prices can touch the sky. A government official said that keeping these things in mind, the government is preparing to impose a cap on sugar exports. According to the information received from the sources, the government plans to fix the limit of export at 8 million tonnes in this crushing season. Another source told that the government is also considering imposing a levy to discourage exports.

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India is the world’s second largest sugar exporter
Significantly, India is the second largest sugar exporter in the world. If it imposes any kind of control on exports, then the global sugar price may see a rise. But the Indian government is more concerned about the inflation of the domestic market and in such a situation the government is preparing to deal with the rising prices of sugar.

Tags: sugar, Sugar prices

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