India reduces subsidies for sugar shipmentsMay, 21, 2021 Posted by Ruth Hollard
On Thursday, May 20, the government of India announced it would cut sugar export subsidies for the current 2020/21 harvest which ends on the 30th of December. With the 31.4% cut, the subsidy of 5,833 rupees per ton becomes 4,000 rupees per ton, according to Reuters.
The second-largest sugar producer in the world ranking just behind Brazil, India had approved the benefit at the end of 2020. It was adopted so the country could export 6 million excess tons of the 2020/21 harvest.
With the subsidies, India was able to trade 5.7 million tons of sugar, according to Reuters. According to market agents, the increase in Indian sugar exports has helped to reduce large domestic stocks and tends to improve the remuneration of the country’s mills.
Source: Valor Econômico
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