New Delhi: A recommendation has been made by the Food Ministry to the Finance Ministry that import duty on sugar be raised from the current 50 per cent to 100 per cent to protect domestic sugarcane farmers.
A notification in this regard may be issued soon. Sugar industry bodies ISMA and NFCSF had sought timely intervention as ex-factory prices of sugar have fallen below the cost of production to Rs 29.50-30/kg in view of estimated rise in production.
India's sugar production estimate has been revised upward by 4 per cent to 26.1 million tonnes in the current 2017-18 marketing year (October-September) as against 20.3 MT in 2016 -17, as per the industry data. The consumption is pegged at 25 MT for this year.
Source:- Dailyshippingtimes.com
