Search Result for : Sugar Prices

The Dollar Business Bureau The Government has removed the duty on sugar export in order to improve international sales of the sweetener and lift its local prices as the country is facing excess production of the commodity.  Currently, there is an export duty of 20% on raw sugar, white or refined. “In order to promote exports with the objective of evacuating surplus stocks from the country, the Government has decided to remove customs duty on export of sugar from its current level of 20% to zero percent,” Ministry of Consumer affairs, Food and Public Distribution said in a statement. “This will also help in maintaining demand and supply balance and thereby stabilising the domestic sugar prices in the country,” it added. The impact of the ...

The Dollar Business Bureau In order to prevent hoarding of sugar and to check the prices during the upcoming festive season, the Government on Tuesday imposed limit on stock holding on sugar producers for September and October. “In exercise of the powers conferred by section 3 of the Essential Commodities Act, 1955 (10 of 1955) read with the clause 5 of the Sugar (Control) Order, 1966, the Central Government hereby directs that no producer of sugar shall hold any stock of sugar in excess of quantities,” said Ministry of Consumer Affairs, Food & Public Distribution said in a notification. By the end of September, sugar mills will not be permitted to stock more than 21% of the total sugar available with them during ...

The Dollar Business BureauWith an objective of stabilising domestic supply of sugar, the government has permitted duty-free imports of raw sugar up to 5 lakh tonnes till June 12 under a tariff rate quota. Imports of sugar beyond the announced quantity and the deadline will attract a 40% import duty, imposed since April 2015. The Directorate General of Foreign Trade (DGFT) has announced it will soon notify the modalities of such imports. The decision has been taken to keep in check the demand in consumption before the new sugar season. The government has maintained that there is no scarcity of sugar in the domestic market due to massive stocks carried forward from 2015-16. This is the first such instance since 2015 that the ...

Sharath Chowdary Sugar prices in India are likely to increase due to the shortage of stocks in the country. The drought condition in the main sugar producing states has resulted in less supply. If the monsoon is not proper this year, the sugar prices may rise by Rs.50-70 per quintal, Mukesh Kuvedia, Secretary General of Bombay Sugar Merchants Association told The Dollar Business Bureau. Explaining the reasons for low supply, he said, “Maharashtra, the biggest sugar producing state in India, has seen severe drought situation in its Vidarbha region. Due to this, the sugar production from the state has decreased to 80 lakh tonnes in 2015-16 sugar season when compared to 110 lakh tonnes in 2014-15 season. Similar situation was prevailing in ...

The Dollar Business Bureau In order to ensure enough supply of sugar in the local market, the government may impose a 25 percent customs duty on export of the sweetener. “There is a rising trend in the sugar prices in the global market. To make profits, traders may enhance the sugar exports. To keep a check on this, it is proposed to impose a 25 percent duty. This will keeps sufficient supply of sugar and the prices will also be under control,” said Ram Vilas Paswan, Minister of Food & Public Distribution, in a tweet on Thursday.  The overall production of sugar in India is likely to drop in 2016, mainly due to drought in major sugar-growing states including Maharashtra and Karnataka. Since April, ...

Source: PTI With sugar prices rising to Rs.40 per kg level in retail markets, the Maharashtra government has imposed stockholding limits on sugar traders in order to check hoarding and control prices of the sweetener. Maharashtra, the country's largest sugar producing state, has fixed the maximum limit for sugar at 5,000 quintals that a wholesaler can keep in stock for a period of maximum 30 days after receiving such stock. According to a government resolution issued, the limit for retailers has been set at 500 quintals for a period of maximum 30 days after they received such stock. As retail sugar prices crossed Rs.40 per kg, the Centre had allowed the states last month to fix the stock holding limit on sugar. The Cabinet had ...

Since there is no parity on exports of raw sugar due to high cost of sugarcane in India and depressed global prices, the Indian exporters see a little benefit in exporting raw sugar to overseas markets The Dollar Business Bureau Indian sugar mills have received exports orders of about 0.8 million tonnes and have dispatched around 0.3 million tonnes so far   Indias sugar production grew by 6.5% to 7.98 million tonnes during the first three months of 2015-16 season beginning October compared to the last season, adding to the already piled up stock of the sweetener amid export slump. Sugar output during October-December period in 2014-15 was 7.49 lakh tonnes. Among the sugar producing states, Maharashtra topped the list with 3.37 lakh tonnes, followed ...