No decision was reached during the previous meeting on whether to permit up to 500,000 tonnes of sugar exports under Open General Licence (OGL) due to the absence of a number of government ministers. Discussions were widened to include a number of Indian government ministers due to the political sensitivity of the ‘agflation’ issue and the risk of food price rises. A decision on the matter may be made in the next two weeks.
India’s indecision has ensured that sugar prices remain high in the face of tight supply. India is the second largest producer of sugar and its largest consumer.