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NEW DELHI (Reuters) - India, the world's biggest sugar consumer, is not considering to cut import duty on the sweetener at least in the near term, Food Minister Ram Vilas Paswan said on Wednesday.
Sugar prices in the local market have risen more than 10 percent in a month on an expected drop in the production after back-to-back drought ravaged cane crop in the top producing western state of Maharashtra.
India's sugar production in 2016/17 is likely to fall to 22 million tonnes, down 4.3 percent from an earlier estimate, as mills in Maharashtra are closing early due to a cane shortage, industry officials told Reuters.
Reporting by Mayank Bhardwaj; Editing by Malini Menon