The Centre slashed subsidy on sugar exports from Rs 6,000 per tonne to Rs 4,000 per tonne with immediate effect in view of firm global prices
India has contracted to export 56 lakh tonne sugar so far in the ongoing 2020-21 marketing season, and is expected to conclude deals for shipment of the rest 4,00,000 tonne soon, says trade body AISTA
India's sugar exports are on a "good course" this year as traders have contracted over 50 lakh tonnes of the sweetener so far, Food Secretary Sudhanshu Pandey said on Monday.
Sugar mills have exported 2.49 million tonnes of the sweetener so far in the ongoing 2020-21 marketing year ending September
Cotton, sugar, organic chemicals, pharmaceuticals, iron and steel, and plastic are top exported items to Pakistan
Pakistani buyers have already started making inquiries about buying Indian sugar and cotton, which is being offered at lower prices than supplies from other countries, five dealers said
In the 2019/20 season, Iran imported a record 1.14 million tonnes of sugar from India, accounting for some 20% of the country's sugar exports, according to Indian customs data
The drop was due to logistics constraints and less chances of shipments to Iran, trade body All India Sugar Trade Association (AISTA) said
Sugarcane farmers to get the amount directly into their bank accounts
Business Standard brings you top news of the evening
This proposal will be considered as part of the govt efforts to help clear outstanding dues to sugarcane farmers, according to sources
The government is currently not considering an extension of sugar export subsidies for the 2020-21 season that commenced this month in view of stable international sugar prices, Piyush Goyal said
Failure to set a new subsidy allocation will eventually delay exports from the world's second biggest producer of the sweetener and support global prices, which are trading near eight-month highs
The world's biggest consumer of the sweetener is likely to produce 31 million tonnes of sugar in the new season, nearly 13% more than a year ago
The government has given additional three months' time till December to millers to undertake mandatory export of their sugar quota allocated for this year
The government has raised sugarcane Fair and Remunerative Price (FRP) by Rs 10 a quintal for 2020-21 season
The company had posted a net profit of Rs 54.39 crore in the same quarter year ago, according to a regulatory filing.
The current season began on October 1
3.6 MT shipped by mills so far; Indonesia, Iran major offshore destinations
Sugar mills have already dispatched 3.7 million tonnes out of around 4.1 million tonnes of contracts signed for exports in the 2019/20 marketing year ending on September 30