Search Result for : Sugar Production

The Dollar Business Bureau In a bid to further ease the sugar exports and to clear surplus stocks, the Government on Wednesday allowed export of 2 million tonnes of the sweetener till the end of the current marketing year (October to September). Earlier, the Government has scrapped the 20% export duty and doubled the duty on sugar imports to 100%. Besides, the Government has permitted the exports of white sugar until September this year under the scheme of Duty Free Import Authorisation (DFIA), in which exporters can import sugar duty-free within the next three years, till September 2021. Sugar mills in the country have to pay Rs.13,899 crore to sugarcane farmers as on March 21, 2018, as per the official data. Sugar mill are allowed ...

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 ...

By Abin Daya With GST now firmly in our midst, we are now getting used to working with the associated processes and systems. The benefits and the impact will take a couple of quarters to understand and evaluate, and till such time, as I have said earlier, all of us will have a very steep learning curve. In the meantime, RBI has extended the relaxations for caution listed exporters till July 15. Just as well, since the double whammy of GST and caution list restrictions would have been a little too much to deal with at the same time. EDPMS and the exporters’ caution list is definitely not the end of it; IDPMS has already got implemented. Additional developments on this front ...

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,” ...

The Dollar Business Bureau With an 11% hike in the fair and remunerative price (FRP) of sugarcane, there could be a rise in the retail prices of sugar, industry body National Federation of Cooperative Sugar Factories (NFCSF) said. As per official data presently sugar’s retail prices are at Rs 40-45 per kg. In its public release on Wednesday the government stated that “The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has given its approval for fixing the Fair and Remunerative Price (FRP) of sugarcane at Rs. 255/- per quintal (qt) for sugar season 2017-18 linked to a basic recovery rate of 9.5% subject to a premium of Rs. 2.68 per quintal for every 0.1% point increase ...

The Dollar Business Bureau  The Cabinet has approved an increase in sugarcane’s fair and remunerative price (FRP) by Rs.25 a quintal to Rs.255 for the season 2017-18 starting from October. In this regard, a decision was taken at the Cabinet Committee on Economic Affairs (CCEA) meeting in New Delhi on Wednesday. The FRP is the lowest price that is legally guaranteed to the sugarcane farmers. On the other hand, the state governments can also set their own state-advised price (SAP) and the mill owners can offer a price more than the FRP. “Sugar mills situation has improved. For 2017-18, sugarcane FRP of Rs.255 per quintal has been approved, which is 10.6% higher than the current level,” Finance Minister Arun Jaitley told journalists after the Cabinet meeting. The sugarcane prices are associated with ...

The Dollar Business Bureau ICRA, in its new report, predicts that the limited duty-free import of sugar allowed by the Government of India will not help ease sugar prices, which have been rising owing to a 19% cut in output this year. The sugar output in the current year is forecasted at 20.3 million tonnes (mt) while the annual domestic sugar demand is pegged at 24 mt. The government expects a comfortable supply of sugar in the country after adding last year's closing stock of 7.7 mt and an additional import permit of 0.5 mt. Nevertheless, the report released by ICRA says that the sugar prices will stay firm as the closing stock will drop to 4.5 mt – 5 mt this year, which is only sufficient to meet demand for two months into the ...