India will examine raising import tax on sugar to support local prices and help mills clear dues to cane growers, Food Minister Ram Vilas Paswan said on Thursday.
"We have to keep farmers' interest in mind and have to ensure that sugar mills are in good financial health to clear Rs 11,000 crore ($1.85 billion at $1 = 59.3450 rupees) arrear to cane growers," he said after a meeting with some of his cabinet colleagues.
India, the world's second-biggest producer after Brazil, imposes a 15 per cent tax on sugar imports.
Local mills have been demanding raising the duty to as much as 40 per cent to help lift prices, which have been pressured by huge stocks.
Copyright @ Thomson Reuters 2014
India will examine raising import tax on sugar to support local prices and help mills clear dues to cane growers, Food Minister Ram Vilas Paswan said on Thursday.
"We have to keep farmers' interest in mind and have to ensure that sugar mills are in good financial health to clear Rs 11,000 crore ($1.85 billion at $1 = 59.3450 rupees) arrear to cane growers," he said after a meeting with some of his cabinet colleagues.
India, the world's second-biggest producer after Brazil, imposes a 15 per cent tax on sugar imports.
Local mills have been demanding raising the duty to as much as 40 per cent to help lift prices, which have been pressured by huge stocks.
Copyright @ Thomson Reuters 2014
India will examine raising import tax on sugar to support local prices and help mills clear dues to cane growers, Food Minister Ram Vilas Paswan said on Thursday.
"We have to keep farmers' interest in mind and have to ensure that sugar mills are in good financial health to clear Rs 11,000 crore ($1.85 billion at $1 = 59.3450 rupees) arrear to cane growers," he said after a meeting with some of his cabinet colleagues.
India, the world's second-biggest producer after Brazil, imposes a 15 per cent tax on sugar imports.
Local mills have been demanding raising the duty to as much as 40 per cent to help lift prices, which have been pressured by huge stocks.
Copyright @ Thomson Reuters 2014
Sign Up with Google
RECOMMENDED FOR YOU
POPULAR