India approves temporary duty-free imports of raw sugar
MUMBAI: India approved duty-free imports of raw sugar up to 1 million metric tonnes on Thursday to curb high prices of the commodity ahead of the festive season.
The Commerce Ministry said in a statement that imports would be "free" subject to a "tariff rate quota" of 1 million metric tonnes and will be made available until October 31.
The move to cut import taxes comes as concerns grow over local supplies of raw sugar, which could be affected by a lower-than-average monsoon season driven by the El Niño weather pattern.
El Niño is a natural climate variation that warms surface temperatures in the central and eastern equatorial Pacific Ocean, bringing worldwide changes in wind and rain patterns.
Human-caused climate change can amplify its impacts because a warmer ocean and atmosphere make more energy and moisture available to feed extreme weather events.
Concerns over a reduced sugar harvest have pushed prices to record highs, according to local media.
Sugar consumption in India, one of the world’s largest producers of the commodity, usually rises between September and January as demand for sweets and confectionery increases during the festival season.
India prohibited exports of sugar in May to boost domestic supplies. The ban is in place until September 30.
By RSS/AFP
