Breaking News

You are here » Indian-Commodity  :  Commodities  :  Sugar  :  Government mulls raising import duty on sugar to 60%

04-Jul2017

Government mulls raising import duty on sugar to 60%

Government is considering raising import duty on sugar from 40% to 60% in order to restrict cheap shipments and maintain domestic prices. The prices in the international market are falling and some traders are keen to import even at high customs duty. Any fall in local prices will affect millers' capacity to pay cane dues to farmers.

The government had in April allowed import of 5 lakh tonnes (LT) of raw sugar at zero duty to boost domestic supply. This step was taken in view of lower sugar output estimated during the current 2016-17 marketing year.

The higher duty will be imposed the moment there is further fall in global sugar prices to ensure cheap imports do not put pressure on domestic retail prices. Already, 5 LT of sugar have been contracted at zero duty and most of it has already arrived.




Related News

View all news

Food Ministry moves Cabinet note on creating sugar buffer stock, fixing minimum ex-mill price

In order to help cash-starved millers to clear their cane arrears which have surged to about Rs 22,000 crore, the Food Ministry has moved a draft Cabinet note on creating a sugar buffer stock of 3 million......

India's sugar production stood at 310.37 LT till April: ISMA

India's sugar production stood at 310.37 lakh tons (LT) in the current season till April 30, 2018. As per data compiled by Indian Sugar Mills Association (ISMA), with 130 sugar mills still operating, majorly......

CCEA approves financial assistance to sugar mills for clearing cane dues of farmers

The Cabinet Committee on Economic Affairs (CCEA) has given its approval to provide financial assistance of Rs 5.50 per quintal of cane crushed in sugar season 2017-18 to sugar mills to offset the cost......

Top News

View all news

Zydus Cadila gets USFDA's approval for Nystatin and Triamcinolone Acetonide Ointment

Zydus Cadila has received the final approval from the United States Food and Drug Administration (USFDA) to market Nystatin and Triamcinolone Acetonide Ointment USP, (US RLD -Mycolog-II Ointment), 100,000......

Tata Steel flags-off Art Residency Programme at CFE Jamshedpur

Tata Steel has flagged off the first-ever Art Residency Programme in Jamshedpur under the aegis of the Centre for Excellence (CFE) Jamshedpur.The 12-day Art Residency aims to offer a platform for artistic......

Sobha reports 22% rise in Q2 consolidated net profit

Sobha has reported results for second quarter ended September 30, 2018.The company has reported a rise of 28.76% in its net profit at Rs 57.30 crore for the quarter under review as compared to Rs 44.50......