India raises import duty on sugar to 15%’

India, the world’s biggest sugar consumer, has decided to raise the import duty on the sweetener to 15 percent from 10 percent currently, to discourage overseas buying amid a drop in local prices due to ample supplies, two government sources said.

“In yesterday’s meeting, food, finance and agriculture ministries have agreed to increase duty to 15 percent,” said a senior government official, who declined to be named.

“Informally, it has been agreed upon to increase the import duty on sugar, but a formal order in this regard has to come from the finance ministry,” said another official at the food ministry.

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