NEW DELHI: The government has formally extended duty-free white sugar imports by nine months, a statement posted on its website showed on Monday,as the country looks to cover a supply shortfall.
The deadline expires on Dec. 31, 2010, the official website www.cbec.gov.in of the Directorate General of Foreign Trade, an arm of the trade ministry showed.
Farm Minister Sharad Pawar on Jan. 13 said his government had extended duty-free imports of white sugar by nine months to Dec. 31.
Duty-free imports of raw sugar shipments are already allowed until Dec. 31.
Sugar output in India, which has emerged as a large importer of the sweetener, fell 44 percent year-on-year to 14.7 million tonnes in 2008/09.
Large imports by India, the world's leading sugar consumer, helped New York-traded raw sugar hit a peak of 30.40 cents per lb this month, while benchmark white sugar London prices scaled a new peak of $767 per tonne last month.
Source : The Economic Times