15% hike in Sugar Import duty likely

The Government plans to increase import duty on sugar to 15 per cent from the current 10 per per cent in order to curb shipments and clear sugarcane arrears to farmers estimated at about Rs 9,000 crore.

The imports are putting pressure on domestic prices and thereby preventing millers from clear cane arrears to farmers. Currently, millers are selling sugar to wholesalers/traders at rates lower than even the cost of production.”We had a meeting on this issue. The Finance Minister and the Agricuture Minister were also present. We have agreed to raise import duty on both raw and refined sugar to 15 per cent,” Food Minister K V Thomas said.

Filed in: Miscellaneous

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