No plans for duty-free sugar imports: Paswan Back to News & Events List


The country has sufficient stock of sugar available and there are no plans to allow further imports of the sweetener at zero duty, Food Minister Ram Vilas Paswan said today.
 
In order to ensure smooth sugar supply and stable prices in the new season starting October 2017, the government has asked mills to commence crushing operations early.
 
Prices are stable now and are expected to remain so in the coming festival season, he added.
 
Last month, import duty on sugar was hiked to 50 per cent to restrict cheap imports.
 
The domestic availability of sugar is sufficient to meet the demand. We have already allowed duty-free import of 5 lakh tonnes. No plans to further allow duty-free imports, Paswan told reporters.
 
The country has sugar supply of about 27.9 million tonnes (MT) in the current 2016-17 season (October-September). This includes an old stock of 7 MT and current year’s production of 20.4 MT and import of 5 lakh tonnes.
 
This would be sufficient to meet the domestic demand till fresh sugar from the new crop is manufactured from October onwards, he said.
 
Also, mills have been asked to start their crushing operations bit early so that new sugar is available in the market and prices remain under control, he added.
 
Paswan further said that about 4.2 MT of the current year’s sugar would be available to meet the local demand during the October-November period of this year when mills would be undertaking their crushing operations.
 
The monthly sugar demand is 2-2.5 MT.
 
Domestic production in the current 2016-17 season ending next month is estimated at 20.4 MT, lower than 25.1 MT last year.

Original Source: thehindubusinessline.com


Recent News


16

11/2018
Cargo trade routes are changing amid trade war, says SATS CEO

A reconfiguration of cargo routes is underway as the trade war between the U.S. and China spills over globally, a logistics industry executive said. “We’ve def...

26

10/2018
Indian coal imports rise at the fastest rate in 3-1/2 years

India’s thermal coal imports rose at the fastest pace in three-and-a-half years in the September quarter, spurred by new demand and domestic infrastructure bottlenecks th...

01

10/2018
India should reduce or stop crude oil import from Iran: Moody’s

Indian refiners will either have to significantly reduce or completely stop importing crude oil from Iran over the next month, increasing their dependence on other West Asian s...

21

09/2018
ING To Redirect Financing Towards Greener Shipping, Together With Other High Greenhouse Gas Emission Segments

ING has a lending portfolio of over €500 billion across many sectors, which we’ll now begin steering towards meeting the Paris Agreement’s well-below two-degre...