India To Withdraw Sugar Export Subsidies

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India is expected to withdraw sugar export subsidies from the new season beginning October as a sharp rise in global prices makes it easier for Indian mills to sell the sweetener on the world market.The government is not considering any subsidy at the moment for next year.On Tuesday, benchmark raw sugar prices in New York climbed to a fresh 4-1/2-year high, supported by fund buying against the backdrop of tightening supplies.For the past many years, higher sugar production has hammered local prices, hitting mills’ financial health and making it hard for sugar barons to make timely payments to cane farmers.

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Source: Economic Times

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