New Delhi, Nov 6 (IANS): In order to stabilise sugar prices and also the financial positions of sugar mills in the country, Government has allowed export of sugar upto 60 lakh metric tonnes (LMT) during the sugar season 2022-23.

Directorate General of Foreign Trade (DGFT) has already notified to extend the inclusion of sugar exports under 'Restricted' category up to October 31, 2023.

Government has prioritised availability of about 275 LMT sugar for domestic consumption, about 50 LMT sugar for diversion to ethanol production and to have closing balance of about 60 LMT as on September 30, 2023.

The balance quantity of sugar produced by sugar mills in the country would be allowed for exports.

Since the beginning of sugar season 2022-23, initial estimates of sugarcane production are available, it has been decided to allow export of 60 LMT sugar.

The sugarcane production in the country will be reviewed periodically and based on the latest available estimates, quantity of sugar exports to be allowed could be reconsidered, official sources said.

During sugar season of 2021-22, India exported 110 LMT sugar and became the second largest exporter of sugar in the world and earned about Rs 40,000 crore worth of foreign exchange for the country.