Though sugar manufacturing continued during lockdown period, sugar consumption in the country declined by 1.0-1.5 million tonnes (MT) with a substantial reduction in ice creams & carbonated drinks sales. Moreover, sugar exports, which were expected to touch 6.0 MT in current sugar season, are now likely to be restricted to 4.5 MT. Both these factors would lead to higher than expected sugar inventory at 11.0 MT by end of September 2020. We believe the government would continue export subsidy next year also, which could help industry reduce sugar inventory...