Keeping in mind the rising sugar prices, the government has taken a big decision which is likely to make sugar cheaper in the coming days. Amidst the rising prices, the government has approved duty-free import of 1 million tonnes of raw sugar to improve the availability of sugar in the domestic market. This exemption will continue till October 31.
This decision of the government has come at a time when there is concern about the supply and prices of sugar in the domestic market. Currently, sugar is being sold at around ₹55 per kg in retail. As per the government orders, the import of this consignment of sugar will have to be completed from today till October 31.
Let us tell you that India is the largest consumer of sugar in the world. During October, major festivals like Diwali and Durga Puja come in the country, in which sugar consumption is at its peak due to the huge demand for sweets, cakes and delicacies.
The entry of such a large amount of sugar into the market without tax just before the festive season will strengthen the supply chain and provide relief from high prices to everyone from confectioners to the general public.
