According to reports, the government has told traders to secure permission for the overseas sale of sugar from June 1 to October 31.
The step is taken by the government to prevent the rise in local prices.
“Export of sugar (raw, refined and white sugar) is placed under restricted category from June 1, 2022, onwards,” the Directorate General of Foreign Trade (DGFT) said in a notification.
As per the notification, “The government has decided to allow export of sugar up to 100 LMT (Lakh Metric Tonnes) to maintain the domestic availability and price stability during the sugar season 2021-22 (October-September).”
“As per the order issued by DGFT, with effect from 1st June 2022 till 31st October 2022, or till further order, whichever is earlier, the export of the sugar will be allowed with specific permission of the Directorate of Sugar, Department of Food and Public Distribution,” it added.
India is the world’s biggest producer of sugar and the second biggest exporter after Brazil. The move by India, according to experts, has the potential to impact prices worldwide.