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  3. ISMA seeks hike in import duty and export sops for sugar mills

ISMA seeks hike in import duty and export sops for sugar mills

18 Oct 2013 Evaluate

Indian Sugar Mills Association (ISMA), the apex body for sugar industry, urged the government to increase import duty on sugar and provide assistance for exports to bail out the industry, which has been suffering losses for previous fiscal year. Emphasizing that sugar mills have a huge opening stock of about 90 lakh tonnes, the association said that government should increase the import duty to at least 40 percent from the current 15 percent on both white and raw sugar and also assist the sugar industry in exporting 30-40 lakh tonnes in the next 8-10 months.

By adding further, the ISMA said that there is a need to implement the Rangarajan Committee recommendations linking sugarcane price to the sugar price and by-products price realization, therefore, the government should ask the state to immediately implement the committee’s suggestions. Recently, sugar mills in Uttar Pradesh have faced a loss of about Rs 3,000 crore because of higher sugarcane price in the state. Further, the government will have to create strategic sugar reserves of 20-30 lakh tonnes, to be held regionally by Food Corporation of India (FCI). Referring to liquidity crunches faced by the sector, ISMA said the government should re-introduce the interest subvention scheme on bank loans to enable sugar mills to meet the working capital requirement. In 2007-08, the government had introduced a scheme under which banks provided loans equivalent to excise duty paid/payable in two years to sugar mills and the interest burden was borne by the Sugar Development Fund as well as the central government up to an extent of 12 percent per annum.

Moreover, ISMA added that these steps are required to be implemented immediately so that the sugar industry could start their sugarcane crushing on time in 2013-14 sugar season. Meanwhile, India is world’s second largest producer and biggest consumer of sugar. Country’s sugar production is expected to increase at 250 lakh tonnes in the 2013-14 season (October-September) as against 251 lakh tonnes in the previous year. At present, annual domestic consumption is at 230 lakh tonnes.

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