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100% import duty on sugar proposed
Highlights
The food ministry has proposed doubling of the import duty on sugar to 100 per cent to curb cheaper imports, check falling wholesale prices of sweetener and ensure timely payment to cane farmers, sources said.
New Delhi: The food ministry has proposed doubling of the import duty on sugar to 100 per cent to curb cheaper imports, check falling wholesale prices of sweetener and ensure timely payment to cane farmers, sources said.
Wholesale prices have fallen below the cost of production in view of estimated six million tonnes more production in the 2017-18 season (October-September). In retail market, sugar is being sold at Rs 40 to 42 per kg.
According to the sources, a recommendation has been made 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, they said.
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