Govt raises import duty on raw and refined sugar to 25 per cent
A rise in the duty will make imports unviable for port-based refiners and help local mills that are currently struggling to make payments to cane farmers.
- Aug 22, 2014,
- Updated Aug 22, 2014 1:16 PM IST
The government has raised import duty on the sugar to 25 per cent from 15 per cent, in an attempt to support local mills struggling to make cane payments.
India is the world's biggest consumer of the sweetner.
A rise in the duty will make imports unviable for port-based refiners despite a plunge in global prices, due to ample supplies from Brazil and Thailand.
In June, Food Minister Ram Vilas Paswan had said import duty could be raised to 40 per cent from 15 per cent if mills make clear farmers dues.
(Reuters)
The government has raised import duty on the sugar to 25 per cent from 15 per cent, in an attempt to support local mills struggling to make cane payments.
India is the world's biggest consumer of the sweetner.
A rise in the duty will make imports unviable for port-based refiners despite a plunge in global prices, due to ample supplies from Brazil and Thailand.
In June, Food Minister Ram Vilas Paswan had said import duty could be raised to 40 per cent from 15 per cent if mills make clear farmers dues.
(Reuters)