India will levy a 60% tax on imports of sugar as supply is forecast to exceed demand for the first time in three years, a government official said. The tax will come into effect starting Saturday after a zero-duty period ends on Friday, the official said.
India has been a net sugar buyer since 2008 after cane growers switched to planting wheat and oilseeds and last year's drought.
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I think supply increasing demand meant a reduction in sugar price would have occurred but govt.,by slapping 60% duty on imports wiped away that chance.
