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Centre increases import duty on sugar by 10% to curb cheaper imports
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Thursday, 13 July, 2017, 08 : 00 AM [IST]
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Ashwani Maindola, New Delhi
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The Government of India has increased the import duty on sugar by 10 points to 50 per cent from the current level of 40 per cent to fend off those who want to import cheaper sugar into the country. According to sources, this was done after the prices of sugar stabilised in the country.
Abinash Verma, director-general, Indian Sugar Mills’ Association (ISMA), said, “We are happy with the move, as it will increase the sale of domestic stock. In April 2017, the government, after calculating and considering the situation, had permitted the duty-free import of up to five lakh tonne of raw sugar to improve the domestic availability.”
“However, there is sufficient stock in India, and there is no need for further import,” he added. Verma stated that that would also help the industry pay the cane price, which has been increased by 11 per cent for the next season, commencing in October.
Commenting on the move, Sanjay Banerjee, director (media and communication), ISMA, said, “However, we wanted an increase of 20 per cent on the import duty, which was earlier set at 40 per cent. That is, we want 60 per cent import duty to be levied.”
“There is ample production of domestic sugar in the country, and there is no need to import more sugar. We had asked the government to not import more than five lakh tonne of sugar. The country has a good stock of domestic sugar, and following the next production, there will be proper balance in the market,” he added.
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