India extends validity for sugar exports to US by three months
New Delhi, October 12: India has extended the validity for the export of raw sugar to the US under tariff rate quota till December 31, 2022, a Directorate General of Foreign Trade (DGFT) notification said on Wednesday.
Earlier, exports of the sweetener under the tariff rate quota were to end in September. A tariff rate quota essentially is a quota for exports at relatively low duties. Once the limit is exhausted, a higher tariff applies to additional shipments.
Also Read: India is restoring its glory, prosperity; entire world will benefit: PM Modi
Total sugar exports to the US under the quota system would be around 10,475 tonne during the fiscal year 2022, DGFT said in May.
In May, the Central government imposed restrictions on sugar exports up to 100 lakhs metric tonnes (LMT) from June 1, 2022, to maintain domestic availability and price stability during the sugar season 2021-22 (October-September).
As per the order issued by the Directorate General of Foreign Trade (DGFT) with effect from June 1, 2022, till October 31, 2022, or till further order, whichever is earlier, the exports of sugar were to be allowed with specific permission of the Directorate of Sugar under Department of Food and Public Distribution.
Also Read: SGPC to set up international Sikh advisory board
Secretary, Department of Food and Public Distribution, Sudhanshu Pandey had said that the decision came in light of record exports of sugar in 2020-21. In the sugar season 2020-21, against a target of 60 LMT about 70 LMT have been exported.
-PTC News with ANI inputs
