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Sugar gets costlier after import duty raised to 40 per cent

Further, increased off-take by bulk consumers to meet summer season demand also influenced prices.

Mail Today Bureau | June 24, 2014 | Updated 10:04 IST
Sugar gets costlier after import duty raised to 40%
(Photo: Reuters)

Sugar turned bitter on Monday, getting costlier by Rs 60 per quintal at leading wholesale markets, with the import duty being raised from 15 per cent to 40 per cent.

Further, increased off-take by bulk consumers to meet summer season demand also influenced prices.

"We have reached a consensus to raise the import duty to 40 per cent," Food and Consumer Affairs minister Ram Vilas Paswan said after meeting senior government officials here.

In the national capital, sugar ready M-30 and S-30 traded higher at Rs 3,320-Rs 3,460 and Rs 3,300-Rs 3,430 against previous levels of Rs 3,270-Rs 3,400 and Rs 3,250-Rs 3,380 per quintal - showing a rise of Rs 50/Rs 60 per quintal.

Besides, an additional interest-free loan of Rs 4,400 crore will be provided to sugar mills as part of a sweet deal to help them clear payment due to farmers.

As part of the bailout package for sugar mills, it was also decided that the export subsidy will be extended till September to give relief to the sugar industry, which owes Rs 11,000 crore to cane growers largely in Uttar Pradesh.

In association with Mail Today

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