Export duty on sugar to be scrapped | Current Affairs, Current Affairs 2018

Export duty on sugar to be scrapped

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Aiming to improve sugar exports, the government has scrapped export duty on sugar, as the country is set to produce record 29.5 million tonnes in the current 2017-18 season.
According to an official release, export duty on raw sugar, white or refined sugar from 20 per cent to nil. With the sugar production to exceed from 20.3 MT from the previous year to 29.6 MT (October-September) and the domestic demand is 24-25 million tonnes annually, the central body is planning to liquidate the surplus domestic stock.
Since the domestic prices falling below cost of production, sugar industry bodies Indian Sugar Mills Association (ISMA) and National Federation of Cooperative Sugar Factories (NFCSF) had been demanding scrapping of export duty to liquidate surplus domestic stock. Arrears to the sugarcane farmers touched ₹14,000 crore at the end of January and might rise further in wake of slide in sugar prices, as per ISMA. Mills have produced 25.80 million tonnes sugar till March 15 of the 2017-18 marketing year (October-September).

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