New Delhi, May 21 -- India's sugar exports have fallen below 5% of total production as policy curbs prioritize domestic price stability amid lower output and higher diversion of cane juice towards ethanol production.

"While exports used to account for a significant share of overall sales during the sugar seasons 2019-20 to 2022-23, peaking at 30% of production during 2021-22. The share has dropped materially to less than 5% over the last two years, post the export restrictions from December 2023," said Pushan Sharma, director, Crisil Intelligence.

Industry executives view tighter export curbs and periodic restrictions as policy measures intended to prevent shortages and stabilize retail prices, amid vulnerability in sugarcane output due...