India imposes 20 percent sugar export tax - government
NEW DELHI (Reuters) - India has imposed a 20 percent tax on sugar exports to keep a lid on domestic prices, the government said on Thursday, a move that is likely to boost global prices of the sweetener.
Food minister Ram Vilas Paswan said this week the government plans to introduce a 25 percent tax on sugar exports to maintain local supplies.
Sugar output in India, the world's no. 2 producer behind Brazil, is expected to decline this year due to a drought in major growing regions, while global prices have risen to two-and-a-half year highs.
(Reporting by Mayank Bhardwaj; editing by Adrian Croft)