The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
India, the world’s top sugar producer after Brazil, is considering a proposal to provide 45 billion rupees ($617 million) assistance to sugar mills to boost exports and cut domestic surplus next year.
The government plans to provide a subsidy of 13.88 rupees per 100 kilograms of cane to sugar mills in the year starting from October 1, compared with 5.5 rupees in the 2017-18 season, according to two people familiar with the matter. It is also considering to reimburse transport and handling charges between 1,000 rupees and 3,000 rupees per ton to move the sweetener from mills to ports, the people said.
The assistance will enable mills to boost exports, help cut reserves and support domestic prices amid bumper harvests. Output in the country will likely reach a record for a second straight year in 2018-19 as higher cane prices prompted farmers to increase the area under high-yielding varieties, Abinash Verma, director general of the Indian Sugar Mills Association, said in July.