Centre govt cuts subsidy on sugar exports to Rs 4,000 per tonne from Rs 6,000 on high global prices
New Delhi, May 20: The Centre on Thursday slashed subsidy on sugar exports from Rs 6,000 per tonne to Rs 4,000 per tonne with immediate effect in view of firm global prices.
For the ongoing 2020-21 marketing year (October-September), the government had fixed a subsidy of Rs 6,000 per tonne to facilitate exports, thereby improving the liquidity of mills and enabling them to clear cane price dues to farmers.
Sugar mills were mandated to export 6 million tonne of sugar in the current year. So far, 5.7 million tonne of the sweetener has been contracted for export.
"Keeping in view of firm global prices of sugar, we have reduced subsidy on sugar exports by Rs 2,000 per tonne to Rs 4,000 per tonne with immediate effect," Joint Secretary in the Food Ministry Subodh Kumar told PTI.
The ministry has issued a notification in this regard on May 20. And the reduced subsidy rate will be applicable to export agreements executed on May 20 or later, he said.
There won't be an impact of this decision on sugar exports from India, he added.
Observing that there has been a steady increase in global prices of sugar because of likely shortages in the world market, Kumar said, "If there is a further increase in global prices, we will further reduce the subsidy".
Commenting on the development, All India Sugar Trade Association (AISTA) Chairman Praful Vithalani said, "The Government wishes that some sugar trade should take place without subsidy. Since 5.7 million tonne of sugar has been contracted already in the current year, the world should know that sugar from India will be available without subsidy hereafter".
He said there won't be any impact on sugar exports and there is a demand for raw sugar from India without subsidy.
Sugar production in India has reached more than 30 million tonne so far in the 2020-21 marketing year, higher than 27.42 million tonne achieved in the 2019-20 year, as per the industry data.
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Suvendu Adhikari's personal assistant shot at
Kolkata (PTI): BJP leader Suvendu Adhikari's personal assistant Chandranath Rath was shot at from close range by unidentified assailants in West Bengal's North 24 Parganas district on Wednesday night, sources said.
The incident took place in the Madhyamgram area, where the victim, who serves as the executive assistant to the leader of opposition in the state assembly, was allegedly targeted on a public road, they said.
Rath sustained multiple bullet injuries in the firing and was rushed to a private hospital, sources added.
Soon after the incident, a large police contingent reached the spot and launched an investigation.
The motive behind the attack was not immediately known.
Senior police officers were present in the area, and efforts were on to identify and trace those involved in the shooting, sources said.
