Browse Data and Analysis

On June 14, 2023, India’s Ministry of Finance issued Public Notice No. 39/2023 - Customs that reduces the import duty on refined sunflower and soybean oils.

India’s food retail sector will continue its upward trajectory following a decade of market evolution and sustained growth. The increased purchasing power of Indian households, growing awareness and access to gourmet products, and consumer awareness toward international cuisines and food products have acted as primary growth catalysts in the sector.

On June 8, 2023, the Government of India’s (GOI) Food Safety and Standards Authority of India (FSSAI) invited World Trade Organization (WTO) members to provide comments on draft amendments to the Food Safety and Standards (Alcoholic Beverages) Amendment Regulations 2023.

India’s average ethanol blending rate with petroleum for calendar year 2023 is estimated at 11.5 percent. The National Biofuels Policy of India, amended in May 2022, strengthens efforts to increase domestic ethanol output from sugarcane and multi-feed stocks by expediting pace toward blending goals.

On June 7, 2022, the Indian government announced the Minimum Support Prices (MSP) for all kharif (summer sown, autumn harvested) crops for Indian crop year (ICY) 2023/2024.

On May 22, 2023, the Ministry of Health and Family Welfare/Food Safety and Standards Authority of India (FSSAI) notified on its website Direction REG-11027/3/2022-Regulation-FSSAI. The FSSAI direction informs that the draft Food Safety and Standards (Food for Infant Nutrition) Regulations (2022) are being re-operationalized.

Excess rains in September helped offset delayed, erratic monsoon rains of the previous months. The monsoon came to an end with an extended withdrawal in early October.

FAS Mumbai (Post) forecasts marketing year (MY) 2021/2022 cotton production at 28 million 480 lb. bales on an area of 12.4 million hectares.

Market Year (MY) 2021/22 (October-September) centrifugal sugar production will grow by three percent to 34.7 million metric tons (MMT), equivalent to 31.8 MMT of crystal white sugar, on account of higher yields.

The COVID-19 pandemic severely impacted India’s hospitality sector, which is expected take another year to reach pre-COVID conditions and sales.