Government defers decision to change sugar import norms
The government has deferred a decision on tweaking sugar import norms to allow millers to sell duty-free imported sugar in the domestic market.
By PTI |
NEW DELHI: The government has deferred a decision on tweaking sugar import norms to allow millers to sell duty-free imported sugar in the domestic market. The issue came up for discussion in the meeting of the Cabinet Committee on Economic Affairs (CCEA) but it calls for further deliberation, a senior government official said.
At present, India allows duty-free import of raw sugar on the condition that importers will export it after refining within two years. ���They are not allowed to sell the sugar in the domestic markets. However with the estimated decline in the sugar output, millers have been pushing for raw sugar imports on a tonne-to-tonne basis which would enable them to sell imported sugar in the domestic market after refining and export the same quantity later,��� he said.
India���s sugar output this year is expected to fall by 32% to 18 million tonnes from about 26.4 million tonnes last year. India needs 22 million tonnes of sugar a year for domestic consumption.
At present, India allows duty-free import of raw sugar on the condition that importers will export it after refining within two years. ���They are not allowed to sell the sugar in the domestic markets. However with the estimated decline in the sugar output, millers have been pushing for raw sugar imports on a tonne-to-tonne basis which would enable them to sell imported sugar in the domestic market after refining and export the same quantity later,��� he said.
India���s sugar output this year is expected to fall by 32% to 18 million tonnes from about 26.4 million tonnes last year. India needs 22 million tonnes of sugar a year for domestic consumption.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
