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Sugar industry welcomes govt decision to raise sugar import duty to 25%
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Saturday, 23 August, 2014, 08 : 00 AM [IST]
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Our Bureau, New Delhi
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fiogf49gjkf0d The sugar industry has welcomed the government’s decision to raise the sugar import duty from 15% to 25%. This was stated by the Indian Sugar Mills Association (ISMA), in a press release issued here on Friday.
The release added, “This was a long-pending demand of the sugar mills of the country. At the current prevailing global prices of sugar and rupee-dollar exchange rate, the move to increase the import duty to 25% will make sugar imports into India unviable. This will check unnecessary imports of cheaper sugar into the domestic market.”
According to ISMA, with the uncertainty of sugar imports no longer being there, the domestic market sentiment would improve and traders would show better buying interest. Further, the move would improve revenue realisation for sugar mills and help them clear cane arrears of farmers at the earliest.
The release stated, “However, the industry wants the government to raise the sugar import duty to 40% in the long run to check sugar imports, in case global prices fall. The country is already reeling under about 25 lakh tonne of surplus sugar.”
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