An Empowered Group of Ministers (EGoM) on food have decided to meet on the 23 of June to discuss the issue of sugar exports. India's sugar sector had requested the governement to increase the limits on the exports of sugar as production is expected to increase in the next season.
In an interview with CNBC-TV 18, M Manickam, Managing Director, Sakthi Sugars said that the government should open up exports for the sugar sector so that India can take advantage of the market. Below is a verbatim transcript of his interview with CNBC-TV 18's Sonia Shenoy and Reema Tendulkar. Also watch the accompanying video. Q: We understand an EGoM will be held tomorrow where they will be considering a further increase in the limit of sugar exports. Do you have any knowledge of this? What is the industry demanding and how much might actually come through if it does?
A: What the industry is asking is for free exports because the world market today is about Rs 34 and Indian market about Rs 24. The cost of production is close to Rs 30. So if the government really wants to help the farmers, they might allow prices to go above Rs 30 which means basically it allows exports. Even this limited export is not really going to help. Our request is that they should have an open export and allow India to take advantage of the market now. Q: It
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