| Date: |
26-07-2014 |
| Subject: |
Import Duty on Sugar Not to be Raised: Minister |
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New Delhi: The government will not raise the import duty on sugar for now, Minister of State for Finance Nirmala Sitharaman said on Friday, a month after the Food Minister said there was a consensus to raise the tax to 40 per cent from 15 per cent.
"Upon consideration of all relevant aspects, the government has decided not to disturb the import duty structure on sugar for the present," she told lawmakers in a written reply.
Food Minister Ram Vilas Paswan on June 23 said the duty would be raised to help revive business at mills that owe farmers around $1.84 billion.
Currently, India is not importing sugar as domestic prices are lower than global rates, making overseas purchases unattractive, a New Delhi-based trader said.
Traders believe the government would prefer to see the impact of monsoon rains before making changes in the current duty structure, he said.
India's parched farms will receive more rainfall next week as the monsoon is expected to continue its wet revival phase.
Source : profit.ndtv.com
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