India imposes restrictions on sugar exports from June 1

In a significant move, the government brought restriction on sugar exports today to prevent a surge in local prices.

According to reports, the govt has told traders to secure permission for overseas sale of sugar from June 1 to October 31.

Earlier today, there were reports about speculations that the Centre was planning such a step.

This is for the first time in six years that India has done so with sugar exports.

Reuters earlier reported that India may cap this season's exports at 10 million tonnes.

India is the world's biggest producer of sugar and the second biggest exporter after Brazil. The move by India, according to experts, has the potential to impact prices worldwide.

India's restriction is similar to steps introduced by many other governments in the wake of the Ukraine war that has led to food prices rising sharply in many parts.

Some of these include Malaysia's exports halt on 3.6 million chickens from June 1, Indonesia's recent palm oil export ban, India wheat export restriction. Some other nations have placed quotas on grain shipments.