India allows 0.5m tonnes sugar exports under OGL

KOLHAPUR, Mar 23 (Commodity Online): Following a three-month delay, the India government has allowed for exports of sugar to the tune of 500,000 tonnes without any restriction or conditionality under open general license (OGL). The decision follows an affirmative announcement from Sharad Pawar, then food minister of India in December 2010, to this effect, according to The Business Standard. The country consumes 22 tonnes sugar a year with output estimated at 24.5 million tons for 2011-12 sugar year (October-September), against 18.8 tonnes for the previous year. The sugar industry has welcomed the move saying that the move would speed up payments owed to cane farmers.