| Levy exemption for
sugar export
The Center is decided to exempt private sugar mills from levy obligations for sugar exports of up to one million tonnes of sugar but trade officials said the move was not enough to make exports viable at current global prices. Consumer affairs and public distribution minister r told Reuters on Wednesday exports will be exempted from the levy obligation. This is an indirect incentive to the sugar mills to make exports attractive. He furtherly told Reuters that,it will be applicable to the entire sugar industry, the levy exemption would enable mills to become competitive in the export market. Trade officials said while the step was welcome, it was not enough in itself to make exports attractive. Global sugar prices at $215 per tonne were less than the average price of levy sugar and if other costs were added, it would become even less attractive. This won’t make much difference unless the Export Promotion Act under which you have option of distributing the losses incurred in exports among sugar mills is brought back, as reported. |
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