The export of sugar will be banned | Business News

India may first prohibit the export of rice, then onions, and now sugar. Such information is becoming available. According to Reuters, the Indian government is planning to ban sugar exports beginning in October. If this occurs, it will be the first time in seven years that sugar exports are prohibited. The absence of rain during this monsoon is predicted to have an impact on sugarcane production. In such a case, the government might prohibit sugar exports in light of the upcoming holiday season, as well as the assembly elections later this year and the Lok Sabha elections in 2024.

6.1 Million Tonnes of Sugar Export

India has approved only 6.1 million tonnes of sugar exports till September 30 this year, compared to 11.1 million tonnes last season. If India decides to prohibit sugar exports, sugar prices worldwide could skyrocket. Sugar prices in New York and London may rise further, where they are already at multi-year highs. If this occurs, food inflation will skyrocket over the world.