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An Empowered Group of Ministers (EGoM) has allowed sugar mills to export an additional 10 lakh tonne in 2011-12 under open general licence (OGL). Shree Renuka Sugars is hoping to export atleast 2 lakh tonne more under the new system.
India has allowed another 1 million tonnes of unrestricted white sugar exports, a government source said on Monday, bringing the total approved so far to 3 million tonnes, in line with what the industry and markets expected.
The country is estimated to have contracted exports of 3.5-4 lakh tonnes of non-basmati rice, mostly to Bangladesh and African countries, and shipments are expected to start this month, a top official of rice firm KRBL said today.
India's cotton exports are likely to remain unrestricted for the 2011-12 season starting next month, but the government is yet to take a final decision on the matter, a top textile ministry official said today.
The food ministry has so far cleared export of 4.33 lakh tonne of sugar out of five lakh tonne quantity the government had allowed in June.
The textiles ministry today said it will take a call on continuing exports of the natural fibre under Open General Licence (OGL) before the beginning of the next cotton season in October.
A realistic price range for cotton in the domestic textile market will once again exist, after the Centre lifted restrictions on cotton exports and moved to bring exports under Open General Licence (OGL). Textile Secretary Rita Menon told CNBC-TV18 that the cotton prices would marginally rise after the lift on export ban.
The government today announced restoration of incentives on export of cotton and cotton yarn following a sharp fall in domestic and international prices of the commodities.
Sugar prices in retail markets are unlikely to surge due to an additional export of five lakh tonne of the sweetener, an industry body ISMA has said.
The government may consider allowing further exports of sugar after assessing the impact on retail prices due to shipment of one million tonnes of the sweetener, Food Minister K V Thomas said today.
An empowered group of ministers (EGoM) on food today decided to allow sugar exports of up to five lakh tonnes as production this year is set to exceed the domestic demand, official sources said.
Speaking to CNBC-TV18 about his expectation from the EGoM, Vijay Banka, CFO of Dwarikesh Sugar Industries said," It is rumoured that the government is going to allow export of 500,000 tonnes of sugar. This will clearly offer some advantage to the sugar mills which are presently not in too good condition."
In an interview with CNBC-TV18’s Ekta Batra and Sonia Shenoy, M Manickam, MD of Sakthi Sugars, spoke on how the cyclone in Australia has impacted the rising sugar prices and their business, and the road ahead.
In an interview with CNBC-TV18's Udayan Mukherjee, Narendra Murkumbi, MD of Shree Renuka Sugars confirmed that there has been a delay in issuing factory-wise export licences.
Unrestricted exports of 500,000 tonnes of sugar from India may be delayed, trade and industry sources said on Friday.
