India's Food Ministry Proposes To Cut Import Duty To 15%.

The Food and Consumer Affairs Ministry has proposed to cut the country's import duty on sugar from 60% to 15% in the view of still high food inflation. The country had completely removed its import duty on sugar in early 2009 following a sharp drop in domestic output, but it was restored to 60% from April 1 after the order allowing free imports lapsed the previous day. The proposal is pending before the Empowered Group of Ministers on Food.

The proposal can be seen as purely symbolic and against the background of pending elections as the country has turned from a net importer in the past two years to a net exporter this season.

Source : agra-net.com