Mar, 2023 - By SMI
Indian Sugar Industry Records Significant Growth, Aims to Increase Exports Further
India has become the world's second-largest sugar exporter after exporting 109.8 lakh tonnes of sugar in the 2021-22 season, according to the Indian government. The Indian sugar industry has recorded significant growth in recent years, with the country emerging as a major player in the global sugar market.
The increase in sugar exports is largely attributed to the government's policies to support the industry and improve its competitiveness. The government has provided various incentives to sugar mills, including subsidies for export and financial support for modernization and expansion.
India's sugar exports have also been boosted by the growing demand for sugar in the global market, particularly in the Middle East and Southeast Asia. The Indian sugar industry has been able to capitalize on this demand, with many mills exporting sugar to these regions.
The Indian sugar industry has set a target of exporting 60 lakh tonnes of sugar in the 2022-23 season, up from the 45 lakh tonnes exported in the previous season. The industry aims to increase its exports further in the coming years, with a focus on improving its competitiveness and expanding its presence in new markets.
The Indian government has been supportive of the industry's growth ambitions, with various initiatives aimed at promoting exports and increasing competitiveness. The government has announced a package of measures to support the sugar industry, including subsidies for export, a minimum support price for sugarcane, and financial support for modernization and expansion.
The government's efforts to support the sugar industry are part of its broader efforts to promote agricultural growth and boost rural incomes. The sugar industry is an important source of livelihood for millions of farmers and workers in India, particularly in rural areas.
Overall, India's emergence as a major player in the global sugar market is a positive development for the country's economy and the sugar industry. The industry's growth is expected to create new jobs and boost economic growth, while also supporting the needs of farmers and workers in rural areas. The government's continued support for the industry is expected to help the industry achieve its growth targets and strengthen its position in the global market.
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