Sugar could be costlier, import duty raised
June 23, 2014
New Delhi, 23 June, 2014
The Government of India has taken a decision to raise the import duty on sugar to 40% from existing 15%.
“We have reached a consensus to raise the import duty to 40% and to consider other incentives provided mills clear Rs.110 billion (11,000 crore) in dues to farmers,” Ram Vilas Paswan today told media persons after meeting the sugar industry officials.
The government will consider other incentives for mill owners if they clear dues owed to farmers, the food minister said further. He said the subsidy on raw sugar exports would be extended until September. India increased the subsidy for raw sugar earlier this month to boost output and exports. The government has also decided to raise the mandatory blending of ethanol in gasoline to 10% from 5%.
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