Sugar futures traded on a positive to bullish note on Monday as the government announced a host of incentives to protect the domestic industry coupled with forecast of below normal rains and settled 2% higher.
The government has increased import duty on raw sugar to 40% from 15%. Subsidies of Rs. 3300/tn on raw sugar export has been extended till September. Ethanol blending with petrol in increased to 10% from 5%. Also, the repayment of interest free loan on excise duty has been increased to 5 years instead of 3 years.
According to the Ministry of Agriculture, sugarcane sowing as on 19th June, 2014 stands at 4.4 mn ha as against 4.5 mn ha last year.
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