It has been reported that the Indian government is considering a ban on sugar exports due to a decline in production and concerns about inflation leading up to the Lok Sabha elections next year. A committee of ministers, including Finance Minister Nirmala Sitharaman and Commerce & Industry Minister Piyush Goyal, has recommended an immediate halt to sugar exports. Sugar production for the 2022-23 crop year is projected to be approximately 327 lakh tonnes, which is lower than the previous year's 359 LT. While there is enough sugar to meet the estimated domestic demand of 275 LT, the government is wary of taking any chances ahead of the upcoming elections. The ban is expected to impact only 3 LT, but it may have an effect on market sentiment and could help to keep any inflationary trends in check.
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