New Delhi: Sugar, which is untouched by the effect of high inflation so far, might burn hole in your pockets soon as the Central government is considering to export sugar.

The Agriculture Ministry has prepared a draft on the policy for sugar exports. As per Agriculture Minister Sharad Pawar, the government would announce the policy by mid-October.

“More than 5 lakh tonnes of sugar should be allowed for export in the present sugar year (October-September). The sugar industry should have clear idea about the quantity to be exported,” said Pawar.

Pawar added that sugar production to the tune of 2.6 crore tonnes was expected in the next year whereas the available stock is 50 lakh tonnes. “The total stock will reach 3.1 crore tonnes and the domestic demand is 2.2 crore tonnes,” he mentioned.

The government has already approved for 26 lakh tonnes sugar export for the current sugar year.

“This includes export of 15 lakh tonnes in three equal tranches under the Open General Licence (OGL). The rest 11 lakh tonnes were exported under the Advance Licence Scheme (ALS) of the sugar mills,” said Pawar.

Replying to a questions, Pawar said, “We will have to allow exports of more than five lakh tonnes of the commodity in the present sugar year otherwise it can lead to storage problems and payment to the sugarcane farmers.”