India approves subsidy to export 6m tonnes of sugar in 2020/21
A labourer carries a sack filled with sugar to load it onto a supply truck at a wholesale market in Kolkata, India. Photo: Reuters/File Reuters, Mumbai Reuters, Mumbai
India s cabinet on Wednesday approved a subsidy of 35 billion rupees ($475.78 million) to encourage cash-strapped mills to export 6 million tonnes of sugar in the 2020/21 year that started on Oct. 1.
The export subsidies are designed to increase shipments from the world s second biggest sugar producer, reducing brimming inventories. But that could pressure global prices which are already trading near their lowest level in 7-weeks.