India May Re-impose 60% Import Duty on Sugar

The India government is likely to usher in 60% import duty on sugar as the country awaits bumper output to the tune of 24.5 MT.

Import duty on sugar at 60% was abolished in early 2009 in a bid to give fillip to domestic sugar supply when the production volumes dipped in 2008-09 sugar year (14.7 million tons (MT) against the annual domestic demand of 22 MT), according to Financial Express.

India has imported close to six million tons of sugar since February 2009.

The country is the second-largest producer of sugar.

Recently, the India government allowed export of 5,00,000 tons of sugar under OGL(Open General License).

The notification for nuances of the export is yet to be issued.