India has no plan to cut sugar import tax for now

Source : REUTERS
Last Updated: Wed, Jan 11, 2017 18:25 hrs
A labourer carries a sack filled with sugar in a store at a wholesale market in Kolkata

NEW DELHI  - India, the world's biggest sugar consumer, is not considering to cut import duty on the sweetener at least in the near term, Food Minister Ram Vilas Paswan said on Wednesday.

Sugar prices in the local market have risen more than 10 percent in a month on an expected drop in the production after back-to-back drought ravaged cane crop in the top producing western state of Maharashtra.

India's sugar production in 2016/17 is likely to fall to 22 million tonnes, down 4.3 percent from an earlier estimate, as mills in Maharashtra are closing early due to a cane shortage, industry officials told Reuters.




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