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02/06/2022 - Economy

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June 02, 2022

It is a good move by the Government of India to leverage the diplomatic value in the global sugar trade scenario by restricting its supply. Do you agree with this view? Comment (200 Words)

Refer - Business Line

Enrich the answer from other sources, if the question demands.

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IAS Parliament 2 months

KEY POINTS

·        The Directorate General of Foreign Trade (DGFT) notified the ban on export of sugar from June 1 beyond the quota limit.

·        The key reasons cited are to ensure domestic availability and price stability under rising inflationary pressures. It is also aimed at orderly trade in the context of ever-increasing export shipments of sugar breaching the previous records of more than 7.2 mt.

·        The government is also concerned over the threat of food crisis caused by supply-chain disruption(s); hence one dimension of export restriction is also aimed at supplying sugar to countries in economic distress, and friendly nations thus increasing India’s diplomatic outreach along with taming speculative trading.

·        The data of sugarcane sowing from all prime producing States Uttar Pradesh, Maharashtra, and Karnataka vindicates the satisfactory trends, supported by both manual feeding of sowing data and validated by Global Positioning System.

·        the world economy is passing through a difficult phase with a series of economic disruptions, starting from the Covid-19 pandemic, container shortages, escalating freight charges, economic and trade sanctions, financial and commercial boycotts, and supply chain disruptions caused by the Russia-Ukraine war.

·        Needless to reiterate, it is an export restriction not a ban, meaning India will continue to cater to genuine requests of supply of sugar up to the prescribed export limit of 10 mt.

 

N.S Yokanhari 2 months

My answer

IAS Parliament 2 months

Good attempt. Try to bring coherence in reason part of the answer. Keep Writing.

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