India imposed a curb on sugar exports in early June to ensure food security and control prices. Inflation has soared to above 7%, and retail sugar prices in Mumbai are up about 10%. The sweet-toothed Indian population is expected to consume some 27 million tonnes of sugar this season. There have been bumper sugarcane crops, and India is expected to produce an all-time high of 36 million tonnes of sugar. There’s also some eight million tonnes from the previous season, leaving plenty of surplus for exports. But analysts said the government is erring on the side of caution.

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