India to allow sugar exports under OGL for one more year

India, which is set to produce sugar surplus for a third year in a row, has decided to allow exports under open general licence shceme (OGL) for one more year, Food Minster KV Thomas told reporters on Monday.

The decision will be effective when the government issues a formal order. India will soon take a decision on the recommendation made by an expert panel over lifting curbs on the sugar industry, Thomas added.

India is likely to prouduce 23.5 to 24 million tonnes of sguar in the 2012/13 crop year that started on October 1, against the local demand of about 22.5 million tonnes.

Also read: All you wanted to know about sugar decontrol

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