Meanwhile, UP chief minister Yogi Adityanath today acknowledged the tight liquidity situation of millers owing to low global sugar prices
Exports from the world's biggest sugar producer could put pressure on global prices but will help India reduce its inventories that have driven down domestic prices
Currently, the EU permits India to export 10,000 tonne of sugar at concessional duty rates under the CXL quota
Producers are talking to importers in West Asia, China, East Africa, Bangladesh, Iran and Sri Lanka with a view to starting shipments from next month
Even though world inventories are forecast to drop, the excess hoard is still big enough to satisfy annual consumption in India and the European Union, the top consumers
This will benefit millions of farmers in Uttar Pradesh, Maharashtra and Karnataka as well as other states
The Union Cabinet also approved 100% FDI under automatic route in coal mining and associated infrastructure
India will keep its sugar export subsidies despite complaints to the WTO from rival producers.
The country is likely to produce a record 29.5 million tonnes of sugar in the 2017/18 season that ends on Sept. 30