Government likely to hike import duty on sugar to 60%
The Dollar Business Bureau The government is likely to increase the duty on the import of sugar to 60% from the present 40% in order to control the cheap imports and to maintain local prices. Any decline in the domestic prices of sugar will impact the millers' capacity to pay sugarcane dues to farmers. In the wake of lower sugar production expected during the current marketing year of 2016-17, the government, in April, had permitted 5 lakh tonnes of raw sugar import at zero duty in order to boost local supply. “We are monitoring global price movement closely. Prices in the international market are falling and some traders are keen to import even at high customs duty. So, we are considering raising the import duty,” ...
Iron ore production to touch 185 MT in 2017-21
The Dollar Business Bureau Since the lifting of the mining ban in the three iron-ore rich states of India, Odisha, Karnataka and Goa, India's iron ore production has increased. It is estimated that by 2021 it could touch 185 million tonnes (MT). According to a Fitch Group research company, India’s iron ore production quantity will touch 185 MT in 2021 from 136 MT this year. It should be recollected that mining in all the three states was at its peak between 2000 and 2012, a time when iron-ore powder from Goa was shipped to meet the steel needs of Beijing Olympics in 2008 and India’s iron ore exports to other countries too flourished. It was also during this period that environmental, land-lease and ...
Govt imposes 20% custom duty on sugar exports
The Dollar Business Bureau The government on Thursday levied a customs duty of 20% on the exports of sugar to boost local supply and control domestic prices which are at a high of Rs.40 per kg. The decision comes at a time when food prices have increased sharply on food items such as tomato, pulses and wheat. "To keep a tab on the domestic sugar prices, the government has taken a decision to impose customs duty of 20% on the exports of raw sugar, refined or white sugar," according to a release by the Finance Ministry. The Central Board of Excise and Customs (CBEC) released the same in a notification. Due to a sharp increase in global prices, customs duty has been imposed to curb ...
Indias coffee exports up 13% till August
The Dollar Business Bureau Coffee exports from India increased to 1.43 lakh tonnes during April-August this year, up more than 13% from 1.26 lakh tonnes shipped during the same period of the last fiscal. According to the Coffee Board data till September 3 this year, the value of total export during April-August period was $378 million, up 5.58% from the previous year’s figure of $358 million. In rupee terms, the country’s export value increased by 12.38% from Rs.2,148 crore last year to Rs.2,414 crore this year during the same period. India’s overseas shipment witnessed growth despite lower rate of export realisation due to sharp fall in the global cofee prices. Prices fell in the international market after the currency of Brazil, the ...
Surplus stock gives sugar producers a pinch of salt; exports only option
Himanshu Vatsa | The Dollar Business With the next harvesting season of sugarcane approaching, the stockpiling of surplus sugar from the past season has become a major concern for the industry. According to sugar millers, exporting the sweetener is the only option to get rid of more than 10 million tonnes of surplus stock across the country. Even though the government in March announced export subsidy of Rs 4000 per tonnes, the industry demands additional benefits for overseas shipment. “The government announced export subsidy in March when 70% of the country’s production was over. What is the use of this subsidy when we are still not sure whether the scheme will continue or not,” Sanjeev Babar, Managing Director of Maharashtra State Cooperative ...
