The Union Cabinet approved 4.4-8.9% hike in minimum support price of key kharif crops for 2022-23 marketing season. India received 1.3 mm rainfall, 68% below the long period average of 4.1 mm, according to the India Meteorological Department. The India Sugar Mills Association has revised upwards the country’s sugar output estimate for 2021-22 (Oct-Sep) season to 36 mln tn, according to data released by it today. ISMA had estimated sugar output at 35 mln tn in April. The government has issued release orders for export of 1 mln tn sugar, according to an official statement issued. Starting Jun 1, the government capped export of sugar for 2021-22 (Oct-Sep) season at 10 mln tn to ensure domestic availability and maintain price stability in local markets. The Reserve Bank of India’s Monetary Policy Committee raised the policy repo rate by 50 basis points to 4.90% as it braced for failure in meeting its inflation mandate.