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Commodity Tips, Sugar traders seek import duty hike after Pak sops
Traders and stockists have urged the government to increase the import duty on sugar by 10 percentage points to protect domestic industry from Pakistani shipment. The government there had, on Thursday, announced an incentive for export at 10 percent or Pak Rs 10.7 a kg of up to 1.5 million tonnes. This works out to Rs 10,700 ($101.9) a tonne.
This comes when the price of sugar in India has been falling since the start of the current cane crushing season, from October 1.
“With the heavy export subsidy, export of sugar from Pakistan becomes viable. The government (should) consider raising the import duty from 50 percent (at present) to 60 percent,” said SP Bhagria, chief executive officer, All India Sugar Trade Association. “Such a decision will be in the interest of all stakeholders, viz farmers, the industry, traders, and consumers.”
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