Saturday, Oct 25, 2014

Centre agrees to raise import duty on sugar with rider

paswan-main The subsidy on raw sugar exports would be extended until September, said Paswan. (Source: Express Photo)
Reuters | New Delhi | Posted: June 23, 2014 1:07 pm

Government will raise the import duty on sugar to 40 percent from 15 percent and will consider other incentives for mill owners if they clear dues owed to farmers, the food minister said on Monday.

“We have reached a consensus to raise the import duty to 40 percent and to consider other incentives provided mills clear 110 billion rupees ($1.84 billion) in dues to farmers,” Ram Vilas Paswan said after meeting the sugar industry officials.

Paswan also told reporters the subsidy on raw sugar exports would be extended until September. India increased the subsidy for raw sugar earlier this month to boost output and exports.

The government has also decided to raise the mandatory blending of ethanol in gasoline to 10 percent from 5 percent. ($1 = 59.7000 Indian Rupees)   (Reporting by Mayank Bhardwaj and Ratnajyoti Dutta)

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