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Centre to hike import duty on sugar to 40% from current 15%

India TV News Desk 23 Jun 2014, 20:03:44 IST
India TV News Desk
New Delhi: The Narendra Modi government will raise the import duty on sugar to 40 per cent from 15 per cent. The government will also consider other incentives for mill owners if they clear dues owed to farmers, said Union Minister for Food and Civil Supplies Ram Vilas Paswan.
 
Paswan said, “The government will provide additional interest-free loan of 4,400 crore to cash-strapped sugar mills to make payments to sugarcane farmers.”
 
Paswan also said the subsidy of Rs 3,300 per tonne on raw sugar exports would be extended until September. India increased the subsidy for raw sugar earlier this month to boost output and exports.
 
The government has also decided to raise the mandatory blending of ethanol in gasoline to 10 per cent from 5 per cent.