Food secretary Sudhanshu Pandey has said that the government's million tonnes through an order issued on Tuesday night is meant to monitor unabated outflow so that no one is taken by surprise. He added that it will ensure adequate availability of the sweetener during the festive season of October and November.
Although prices of sugar are "more stable" when compared to other commodities, the decision to curb sugar exports was taken to prevent any undue spike in retail prices amid global shortage, Pandey said at a press conference. India consumes around 2-2.5 million tonnes of sugar per month.
On the duty cut on sunflower oil and soybean oil- also announced on Tuesday night - trade and industry said the imposition of tariff quota will unnecessarily complicate the situation and create an imbalance in the market. "My feeling is that though prices might not come down by much, it may create some short-term supply issues. This is because the quota will be handed over from July, for which traders will like to delay their shipments as the cost differential is huge," BV Mehta, executive director of Solvent Extractors Association of India (SEA) told Business Standard.
India consumes around 3.5 million tonnes of soybean oil and 2-2.5 million tonnes of soil annually.
This story is from the May 26, 2022 edition of Business Standard.
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This story is from the May 26, 2022 edition of Business Standard.
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