PUNE: Sugar prices may remain depressed unless India doubles the amount of the commodity exported so far in the current season, according to industry executives, who said Maharashtra's decision to back the demand from producers for reducing mandatory export obligation by about 40% may keep prices from going up. 

"The reduced pace of exports has suppressed prices. The intention behind the central government's initiative was to lower stocks in the country and improve prices," said Tarun Sawhney, VP of Indian Sugar Mills Association. 

The government has fixed a mill-wise target of exporting 12% of the average sugar production of previous three years.