India's Largest Database on New Projects
Government may free sugar exports
11 November 2010: The Union Government is mulling to free up sugar exports soon and also permit two million tonne under Open General Licence (OGL). Under the OGL, the world's top producer after Brazil allows overseas sale of the sweetener without any restrictions. Since bottoming out at a one-year low of 13 cents per lb on 7 May 2010, New York sugar futures climbed over 150 per cent on 9 November 2010 amid supply worries in top producer Brazil and export uncertainty in India.
India produced 18.8 million tonne of sugar in 2009/10. India's sugar marketing year runs from October to September.
Source: Economic Times