You should stock up now.
The Indian government stated they would be implementing a cap"to maintain domestic availability and price stability of sugar." The concern seems to be over potential price spikes, particularly during the country's
. India is the world's largest consumer of sugar and it is vital during the festive season, which begins in August, peaks ahead of Diwali , and continues through December, according to Insider., and that's why it is trying to ensure that enough sugar remains in the country to cater to the festival season," a Mumbai-based dealer with a global trading firm told Reuters.
Sugar exports in the 2021-2022 sugar season are also reaching historical heights, the government announcement said, but India is not facing a shortfall.According to a Nov. 2021 from the U.S. Department of Agriculture , India—which is the largest producer and second-largest exporter, behind Brazil—was estimated to up production by 3 percent to 34.7 million tons this season.As Insider notes,"Sugar is the next food you might have a hard time getting your hands on."Similar to what we're seeing in the U.S., food prices in India were up by 8.38 percent in April, compared to the year prior.
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