The Hindu Business Line : STC may export 3 lakh t sugar

The Union Minister for Agriculture, Mr Sharad Pawar, today said that the Government would allow State Trading Corporation (STC) to export up to 3-4 lakh tonnes of sugar.

This follows a proposal from STC asking for permission to export sugar in the backdrop of soaring international prices. "The STC has asked for exports of 3-4 lakh tonnes of sugar. We will allow it," Mr Pawar told newspersons without giving a time frame by when the decision would be taken. According to available indications, the Ministry is studying the proposal, but is yet to take a final decision on the issue.

Currently, only sugar mills which have an obligation to export sugar against import of duty-free raw sugar are allowed to ship.

Raw sugar was imported during 2004 and 2005 when domestic production declined.

On Thursday, sugar prices in the global market were hovering near 16-year high of $475 a tonne. In the last one month, the Indian Sugar Exim Corporation has won two tenders totalling one lakh tonnes to export sugar to Pakistan at $478 and $473 a tonne, respectively.

India's sugar production during the crop year ending in September is expected to be around 18.5 million tonnes, up from 13 mt last year, Mr Pawar said.

Wheat import

He also said the Government is considering the option to float a new tender to import wheat.

"There is no shortage but I have to build stocks. I would float a tender for additional imports of about 1.5 mt of wheat in a week or two," he said.

Meanwhile, according to information available with Business Line, at present, the Government is considering additional import of wheat only as a "contingency plan in case domestic wheat prices go further up" and is yet to firm up its mind.

More Stories on : Exports & Imports | Sugar | Trading | PSU

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
`Australian cyclones augur well for Indian monsoon'

CDMA players unhappy with new spectrum policy

Panel for full transfer of property in aviation

Fund houses line up global products

Launch at Mazagon

States for increasing professional tax cap

Hughes plans long distance telephony

South drives tractor sales to new peak

Health insurance premium may vary from one location to another

IPO issuers can have liability cover

Sensex hits new high, up 124 pts

Integreon plans facility in London

STC may export 3 lakh t sugar