 "Domestic sugar prices to move up on import duty hike: Icra")
Sugar prices are likely to rise in the near term because of supply restrictions on the back of government's move to raise import duty to 50 per cent from the existing 40 per cent.
The government, early this week, raised the import duty on raw sugar following the recent decline in global sugar prices and the improved outlook for domestic sugar production for the upcoming sugar year (SY) 2017-2018 beginning October.
Global sugar prices have largely followed expectations on global supplies. Low sugar import demand from India and global surplus expectation in 2017-18 on account of increased production from Brazil and India, have resulted
