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Centre open to lowering import duty on sugar

Date 30-May-2016
Subject Centre open to lowering import duty on sugar

MUMBAI: The Centre had not closed the option of lowering the import duty on sugar and would explore it to boost supplies, as and when necessary, a senior official said. He said a decision to this effect was taken at a recent meeting of the Committee of Secretaries, where it was decided to explore the option of lowering duties, whenever needed.

The Government imposes a duty of almost 40 per cent on raw sugar imports. This was raised from 25 per cent in April 2015. Sugar prices in retail markets have risen by Rs 4-7 per kg since April 2016 in anticipation of a shortfall in production due to last year's drought.

The output in the 2015-16 sugar crop season (October to September) is now estimated to be around 25.2 million tonnes, three million tonnes less than the previous year because of drought in the main growing regions of Maharashtra and Karnataka.

Source: - Dailyshippingtimes.com

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