India issued notification curbing exports of sugar, a surplus commodity, imposing a limit of 10 million tonnes this season, amid record overseas sales, to check domestic inflation and channel more sugarcane into ethanol production. India is the world’s second-largest sugar producer and exporter behind Brazil. Export restrictions by India will send international prices soaring in the middle of a global commodities-price spiral. The government has also set up a cross-ministry panel to monitor prices of all imported commodities, especially industrial raw materials, said officials.

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