India may introduce sugar export tax as local prices soar

India is considering imposing a tax on sugar exports and dropping a 10% import duty to help curb overseas sales and keep a lid on domestic prices as a drought threatens farm output, government sources have said.

The government also plans to release an extra 500 000 tonnes of sugar in August to top up supplies in the local market, where prices have surged. Each month, the government decides the quantity mills can sell in the open market.

Source : agra-net.com