Higher Duties on Sugar and Chickpea Imports Have Immediate Effect To keep a check on prices, the government of India (GOI) has raised the duty on sugar from 50 percent to 100 percent. The increase was a demand from the sugar industry as sugar prices were below the cost of production. Both carryover stocks of about 4 MMT and last year’s imports had a bearing on the low prices. The new duty, which covers all categories of sugar (raw, refined or white), has had an immediate effect as it seems to have helped revive the sugar prices in the spot exchange. India's sugar production for 2017/18 is projected at 26.1 MMT with consumption estimated at 25 MMT.
Apart from the duty, GOI has also imposed stock limits on sugar mills. They will hav...
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