India weighs sugar import duty cut to curb record local prices
In an effort to reign in soaring domestic sugar prices, India is thinking about lowering its sugar import duty. This response is geared toward boosting local supply ahead of the upcoming festival demand spike. Concerns regarding El Niño and subpar monsoon rains have cast shadows over sugarcane harvests. Ex-mill sugar prices in Maharashtra have hit record highs, pushing factories to begin…
India, the world's second-largest sugar producer, is contemplating a reduction in import duty on the commodity to curb soaring domestic prices that recently reached an all-time high. Officials are evaluating the possibility of lowering or eliminating the 100% tax on inbound shipments in an effort to augment local supplies, according to sources familiar with the matter, who requested anonymity due to the sensitive nature of the discussions.
The deliberations are taking place just before a seasonal spike in sugar demand during the festival season, further motivating the government to curb rising prices.
Written by urgent.news from The Economic Times - Economy's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
