India rules out lowering sugar import tax for now: Govt source

19.01.2017

Prices in the local market have risen more than 10% in a month on an expected drop in production.

 India, the world's biggest sugar consumer, has no plan to lower import duty on the sweetener, at least in the near term, a government official said on Thursday.

Sugar prices in the local market have risen more than 10% in a month on an expected drop in production after back-to-back drought ravaged cane crop in the top-producing state Maharashtra.

Traders were speculating that the price increase may force the government to lower import duty.

India's sugar production in 2016/17 is likely to fall to 22 million tonnes, down 4.3% from an earlier estimate, as mills in Maharashtra are closing early due to a cane shortage, industry officials told Reuters


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