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India Weighs Sugar Import Duty Cut to Curb Record Local Prices
Officials are weighing a 100% tax cut to boost supplies as ex-mill sugar prices in Maharashtra hit 46 rupees a kilogram, ISMA said.
- India is considering lowering or eliminating its 100% sugar import duty to curb record prices ahead of major festivals like Diwali, when domestic demand typically surges.
- Wholesale prices in Kolhapur, a key trading hub in Maharashtra, surged nearly a fifth since August to a record 5,350 rupees per 100 kg, even as industry claims domestic supplies remain sufficient.
- Monsoon rains are running 13% below normal, according to the India Meteorological Department, prompting factories in Maharashtra and Uttar Pradesh to plan crushing 10 to 15 days ahead of schedule.
- Government-Imposed stockpile limits restrict traders to 4,000 quintals for over 30 days to discourage hoarding, while officials examine releasing about 300,000 tons of sugar from port refineries.
- Deepak Ballani, Director General of the Indian Sugar & Bio-Energy Manufacturers Association, maintains supply remains "comfortable," while the government monitors production prospects through the festive season.
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Sugar Price Rise: Govt Mulls Duty-Free Imports Ahead Of Festive Season; Check What Changes
The government is considering a series of measures to keep sugar prices under control ahead of the festive season, including the possibility of allowing limited duty-free imports, according to media reports. The Food Ministry is also examining restrictions on the quantity of sugar that bulk traders can hold and changes to the monthly allocation of sugar by mills, as demand typically rises between August and November. The discussions come as reta…
·India
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Govt may scrap 100% import duty on sugar to lower domestic prices, boost supply ahead of festive season — All we know
The Centre is reportedly considering lowering or scrapping its 100% import duty on sugar to reduce price of the commodity in the domestic market and boost local supply ahead of the large festive season demand.
·New Delhi, India
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Coverage Details
Total News Sources12
Leaning Left0Leaning Right5Center4Last UpdatedBias Distribution56% Right
Bias Distribution
- 56% of the sources lean Right
56% Right
C 44%
R 56%
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