India doubles sugar import tax
Published: 02/06/2018, 5:20:01 PM
India raised the import duty on sugar to 100% from 50%, a government order said on Tuesday, as falling prices of the sweetener made it difficult for local mills to pay the mandatory price to cane farmers, according to Reuters.
The hike in import tax could halt sporadic imports from neighbouring Pakistan, which has been giving a subsidy for the foreign sales.
Sugar prices have fallen 17% in the local market since the start of the marketing year on Oct. 1, making it difficult for mills to pay farmers the 11% hike in cane prices.