Economy

Centre imposes 20 % duty on sugar exports

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In a bid to keep the domestic prices of sugar under check in the country, the Centre imposed 20 per cent duty on the export of raw sugar.

As per the government notification issued here, 20 per cent export duty has been imposed on the export of raw sugar - white or refined sugar.

Food Minister Ram Vilas Paswan had recently hinted that given the fact that sugar prices were witnessing a rising trend in the international market, traders could increase the export to make profit and therefore the government was contemplating to impose export duty.

“The decision of imposing export duty would help keep sufficient availability of sugar in domestic market and the price will be under control,” Mr. Paswan had tweeted on Thursday.

Notably, due to delayed harvest of the crop in Brazil, there has been a rise in international prices and this surge in price has made exports of Indian sugar feasible as well. India has so far exported 1.7 million tonnes in the marketing year that began on October 1.

In the domestic retail markets meanwhile, the sugar prices have seen an increase ranging between Rs 5-7 a kg since April on expectations of lower crop output due to drought in Maharashtra and Karnataka.Country’s sugar output in the 2015-16 season (October to September) is expected to be at 25.2 million tonnes as against 28.3 million tonnes of the last year.

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Printable version | Jan 23, 2020 1:12:11 PM | https://www.thehindu.com/business/Economy/Centre-imposes-20-duty-on-sugar-exports/article14426034.ece

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