Last Updated :
16 November 2009 at 17:20 IST
India’s sugar prices surge by 90%
NEW DELHI (Commodity Online): Sugar prices in the domestic markets of India have risen by 90% to Rs 38 per kg due to the global shortage of the commodity.
According to India’s Cabinet Secretary, K.M. Chandrasekhar, the government was watching the spiraling sugar prices in the domestic market. Due to the shortage, the prices were also high in the global market, he added.
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In 2008-09 sugar season (October to September), India’s sugar production fell to 15 million tonnes from 26.4 million tonnes in the previous year. The government has taken steps like allowing duty-free imports of both raw and white sugar and banning of futures trading in the commodity.
Global prices have been firming up on expectation of lower production in Brazil, a major sugarcane growing country.
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