More Commodities - Sugar

Imports of sugar will be expensive

July 12, 2017 at 1:34 PM , Mark Overseas
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A 10% increase in the import duty

A huge stock of sugar is available in the world and a lot of it is being dump in India. Hence the government decided to increase the import duty to 50% from 40%.

The world international sugar prices have dropped down due to a bumper crop in Brazil. And New York prices have fallen from February and they have mainly imported from Brazil over India.

According to the president of the Indian Sugar Mills Associations, the hike in the import duty has come in time and it will safeguard the industry. If India had imported more sugar the prices would have fallen drastically and collapsed the sugar industry.

The Government has already set a Fair and Remunerative Price (FRP) for sugarcane for the year 2017-18 and it is up by 11%. 

Further information

The Economic Times

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