Import duty on sugar increased to 50% to support domestic prices

sugar-stocks_indianbureaucracy
sugar-stocks_indianbureaucracy

Government has increased import duty on sugar to 50 per cent from 40 per cent, to restrict cheap inward shipments and maintain domestic prices.Food Ministry had proposed increase in import duty on the grounds that fall in local prices will affect millers’ capacity to pay cane dues to growers.

Finance Ministry in a notification said, that import duty on sugar has been increased to 50 per cent with immediate effect and without an end date.

In April this year, government had allowed import of 5 lakh tonnes of raw sugar at zero duty to boost domestic supply. The annual domestic demand is 24 -25 metric tonne. Sugar prices in the retail market are at 40 to 50 rupees per kg.

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