The Indian Ministry of Finance decided to allow the tax-free import of sugar till 30 June 2011 after scrapping a 60% tax it had reinstated on 1 April 2011. The order scrapping the tax was made effective from 15 April 2011.
India is the world's second-largest sugar producer after Brazil. India had allowed tax-free sugar imports until 31 March 2011 due to an earlier local shortfall.
The extension of tax-free sugar imports may not however have any major impact on local prices because the country is headed for a bumper production of 24.5 million tons to 25 million tons this marketing year.
India produced around 19 million tons of sugar in 2010. Its annual demand is estimated at 23 million tons.
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