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Food ministry considering to increase sugar import duty to 100%

The food ministry has considered doubling the import duty on sugar to 100% for restraining cheaper imports, check falling wholesale prices and make sure timely payments to sugarcane farmers.

The wholesale prices have dropped down below the cost of production in view of approx 6 million tonnes more production in the 2017-18 season.  Sugar, in the retail market is being sold at Rs.40-42 per kg.

Further, a recommendation has been made to the finance ministry to raise import duty on sugar to 100% from current 50%, to protect domestic sugarcane farmers and a notification in this regard may be issued soon.

Read EquityPandit’s Technical Analysis of Nifty FMCG

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