India on Wednesday extended curbs on sugar export in the new season beginning November 1, according to a federal notification, a measure that may result in a complete halt of overseas sales for the first time in seven years amid a projected fall in domestic output and the worst global shortage in decades.
The world's second-largest producer of the commodity had already restricted exports until October 31 and those curbs have now been extended until "further orders", a notification by the directorate general of foreign trade said.
The restrictions on shipments abroad are aimed at boosting domestic availability during 2023-24 and keeping prices stable during the ongoing festive season, when demand typically soars with the need to do both also amplified by state elections in November and the national elections next summer.
The decision will likely worsen a global supply crunch due to a smaller crop since India is a major international supplier.
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