Centre allows export of 5 lakh tonnes of sugar

An Indian ministerial panel on food on Thursday allowed the export of 5 lakh more tonnes of sugar, food Minister KV Thomas told HT. HT reports.

An Indian ministerial panel on food on Thursday allowed the export of 5 lakh more tonnes of sugar, food minister KV Thomas told HT.

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The decision is aimed at offsetting losses for sugar manufactures due to surplus stocks, even as food-deficit countries battle rising food costs. The move comes amid calls from countries to allow surplus food exports to tackle global food imbalances.

Thomas said no decision yet has been taken to lift the ban wheat export. No decision has been made on scrapping limits on sugar stocks traders can hold at any point, which is state-decided. The latest appro-val for shipments is over and above export quota of 5 lakh tonnes for this marketing year ending Septe-mber. The industry may cash in on lower output by Brazil, the world's largest sugar exporter.