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Govt considering lifting ban on sugar futures
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Friday, 14 May, 2010, 08 : 00 AM [IST]
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Our Bureau, New Delhi
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The government would consider lifting the ban on sugar futures trading after assessing the production situation and monsoon in the next three to four weeks, food and agriculture minister Sharad Pawar said on Wednesday at the inaugural function of Price Dissemination Project in New Delhi. Sugar futures were banned in May 2009 and the suspension is valid till September. The minister was replying to a query whether the government would consider removing the ban on sugar futures in view of the sharp fall in sugar prices.
Pawar also indicated that the government might consider imposing import duty on raw and white sugar. “We will have to protect farmers’ interests,” he said when asked about imposition of customs duty on sugar. “If anybody wants to dump cheap products, how can we sit as a silent spectator,” he asked.
To boost domestic supplies, the government had abolished 60 per cent import duty on the sweetener in 2009. And duty free imports of wheat had been allowed since 2007.
Delivering his inaugural address, Pawar said sugar production had reached 18.1mt and the crushing season was still on.
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