header banner
ECONOMY

India extends ban on sugar exports by a year

KATHMANDU, Nov 3: The Indian government has extended the ban on sugar export by an additional one year.
By Republica

KATHMANDU, Nov 3: The Indian government has extended the ban on sugar export by an additional one year.


According to the Indian media, the ban will be in place till October 2023. Earlier, the Indian government had imposed the restriction on sugar export for four months starting from June 1, citing the soaring price of sweetener in the domestic market. Apart from sugar, India has also been prohibiting the export of wheat and related products.


Related story

Nepal exported goods worth Rs 152 billion in FY 2023/24, markin...


The Indian government took the step after exports hit 8.6 million tons in just eight months ending last May, creating pressure on the domestic price of the product, according to the Indian media. The country had exported a total of 7 million tons of sugar last year, while it produced 31.19 million tons of sugar during the period.


Due to the restriction on export by the southern neighbor, the prices of wheat, sugar and rice have escalated by a notable amount in the Nepali market. Although Nepal has been requesting India to lift the restriction on the export of these essentials, the Indian government recently opened the export of paddy and rice to be exported to Nepal, imposing a number of conditions.


In the new rule, India has waived 20 percent export duty on paddy to be exported to Nepal. However, the country has slapped a quota, agreeing to export only up to 600,000 tons of paddy annually.    


 

Related Stories
Editorial

Trade imbalance: On India’s merchandise exports

ECONOMY

India extends indefinite ban on onion exports

ECONOMY

Nepal paying 29 percent higher tariff for electric...

ECONOMY

Nepal earns Rs 12.40 billion from electricity expo...

ECONOMY

Electricity demand soars to 1438 mw on Laxmi puja...

Trending

Top Videos

Bold Preety willing to fight for her musical career

Awareness among people on heart diseases has improved in Nepal’

Print still remains the numbers of one platform

Bringing home a gold medal is on my bucket

What is Nepal's roadmap to sage child rights