India issued a notification on Tuesday to implement a hike in import duty on sugar to 15 per cent from 10 per cent as the world's top sugar consumer tries to prop up local prices, which are falling due to ample and cheap global supplies.
The duty increase could mean a halt to India's sugar imports, which have already slowed to a trickle following a sharp drop in the rupee, which makes dollar-denominated
Indian mills and traders mainly import raw sugar and sell it in the local market after refining. India has been importing sugar despite surplus local production, as the commodity is cheaper in the world market due to a bumper output in Brazil.
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