MUMBAI, March 7 (Reuters) - India’s sugar production is likely to rise to a record 29.5 million tonnes in the 2017/18 season, up nearly 13 percent from a previous estimate, as Maharashtra state’s output could more than double, a trade body said in a statement on Wednesday.
The higher-than-expected output could pressure local prices SUG-ARMKHP-NCX and force the world’s second-biggest sugar producer to remove a tax on exports to encourage overseas sales.
Maharashtra is likely to produce 10.1 million tonnes sugar in the current marketing season that started on Oct. 1., up from 4.2 million tonnes produced a year ago, Indian Sugar Mills Association (ISMA) said.
The trade body in January estimated the country’s production at 26.1 million tonnes. (Reporting by Rajendra Jadhav; Editing by Amrutha Gayathri)