Sugar import duty raised to 25% from 15%
The move is an attempt to support local sugar mills struggling to make cane payments
New Delhi: India, the world’s biggest sugar consumer, raised import duty on the sweetener to 25% from 15%, a finance ministry source said on Friday, in an attempt to support local mills struggling to make cane payments.
The government later issued a statement confirming the duty hike.
A rise in the duty will make imports unviable for port-based refiners despite a plunge in global prices due to ample supplies from Brazil and Thailand.
In June, food minister Ram Vilas Paswan had said import duty could be raised to 40% from 15% if mills make clear farmers dues. Reuters
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