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India has no plan to cut sugar import tax for now - food minister
January 11, 2017 / 11:03 AM / a year ago

India has no plan to cut sugar import tax for now - food minister

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.

A labourer carries a sack filled with sugar in a store at a wholesale market in Kolkata, February 15, 2016. REUTERS/Rupak De Chowdhuri/Files

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

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