India to review sugar export ban in Oct
The Govt may lift ban as it is expecting a record 23-24 mn tonnes of sugar in the crushing season starting October.india Updated: Sep 26, 2006 15:46 IST
India will review a ban on sugar exports in October in view of an expected bumper crop, a top government official said on Tuesday.
"The review of the sugar export ban will be taken up in October. As per our estimates, there will be a bumper sugar crop," said L. Mansingh, secretary of consumer affairs.
India is likely to produce a record 23-24 million tonnes of sugar in the crushing season from October, officials have said.
It is expected to produce 19.5 million tonnes of sugar in the year to the end of September.
In July, the government banned all exports until the end of the fiscal year in March 2007 to curb price rises.
Mansingh said a decision to impose limits on stocks of wheat and pulses which could be held by traders has only been implemented by only one or two states, while others have been reluctant to do so as prices were stabilising.
The move was designed to ensure adequate local supplies and keep a lid on prices. Prices of pulses were likely to decline by November-December when supplies from 500,000-600,000 tonnes of imported yellow peas reach markets, he said.
He said a decision to freeze the base import prices of palm oil and palm oil products would remain in force until further notice.
Last month, the government rolled backed an earlier rise in base import prices. The price of crude palm oil was reduced to $447 per tonne from $481.
Traders pay duties on the base value irrespective of the prices paid for actual import.
First Published: Sep 26, 2006 15:46 IST