| Date: |
28-10-2010 |
| Subject: |
DJ Shree Renuka Exec: India To Bring Back Duty On Sugar Imports |
|
India is likely to scrap duty-free imports of sugar at the end of the year, the head of the country's largest sugar refiner said Wednesday.
"Zero-duty concession on imports of sugar will expire Dec. 31 2010. It is unlikely to be renewed," Narendra Murkhumbhi, managing director of Shree Renuka Sugars, told Dow Jones Newswires.
The federal government allowed the duty-free import of sugar last year to meet a domestic production shortfall and to help contain rising prices.
But now predictions of a bumper crop of over 25 million tons from the Asian giant have prompted experts to predict that the government
may stop the scheme in a bid to encourage domestic millers.
Source : tradingmarkets.com
|