Govt may slap 60% duty on sugar import

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.