India govt scraps export duty on sugar to trim surplus, lift prices.

The government scrapped the 20% export duty on sugar in a bid to boost overseas sales of the commodity and lift its domestic price. The country is facing surplus production of the sweetener. A notification issued by the finance ministry said the estimated revenue implication of the move is Rs 75 crore for a year at current export volumes. Industry bodies Indian Sugar Mills Association (ISMA) and National Federation of Cooperative Sugar Factories had been seeking scrapping of export duty to help liquidate surplus stock of sugar and check the fall in its price.