India emerges worlds 2nd largest exporter of sugar

6 Oct 2022 , 10:35 AM

India has emerged as the worlds largest producer and consumer of sugar as well as the worlds 2nd largest exporter of sugar. In Sugar Season (Oct-Sep) 2021-22, a record of more than 5000 Lakh Metric Tons (LMT) sugarcane was produced in the country out of which about 3574 LMT of sugarcane was crushed by sugar mills to produce about 394 LMT of sugar (Sucrose). Out of this, 35 LMT sugar was diverted to ethanol production and 359 LMT sugar was produced by sugar mills. The Ministry of Consumer Affairs, Food & Public Distribution said, the season has proven to be a watershed season for the Indian Sugar Sector. The season recorded highest sugar exports of over 109 lakh metric tons. The Ministry said supportive international prices and Central government Policy led to this feat of the Indian Sugar Industry. These exports earned foreign currency of about Rs 40,000 crore for the country. The diversion of sugar to ethanol and exports led to unlocking of value chain of the whole industry as well as improved financial conditions of sugar mills leading to more optional mills in ensuing season. In new season, the diversion of sugar to ethanol is expected to increase from 35 LMT to 50 LMT which would generate revenue for sugar mills amounting to about Rs 25,000 crore. Powered by Capital Market – Live News