India to Allow More Sugar Exports to Avoid Contract Defaults

India, the world’s second-biggest sugar producer, will permit millers to export an additional 1.2 million tons in the year ending in September, Food Secretary Sudhanshu Pandey said on Friday.

That’s on top of the current export quota of 10 million tons, which the government set in May to curb overseas sales and protect food supplies. With inventories now appearing enough to satisfy local consumption, growers had asked for the limit to be raised to prevent defaults on committed contracts.