1. Commodity News

Central Govt Raises Sugar Import Duty to 50%

The Central government has raised the import duty on sugar to 50 per cent from 40 per cent to curb the dumping of cheaper supplies from abroad and maintain domestic prices. The move will improve the ability of sugar mills to pay farmers for their supplies of cane, according to the sugar industry. The government, however, raised the duty lower than the 60 percent that some of the mills had demanded to balance the interest of producers with consumers’. Nevertheless, the hike in the duty comes as a relief for mills amid slowing domestic demand, especially after demonetization, as the cost of production remains elevated due to high cane prices.

KJ Staff

India will be the world's largest milk producer by 2026 and will account for the biggest increase in wheat production globally, according to a report by the United Nations and Organization for Economic Co-operation and Development (OECD).

The OECD-FAO Agricultural Outlook 2017-2026 said that over the first quarter of this century, the milk production in India will be nearly tripled.

The report observed that over the course of the outlook period alone, milk production in India will grow 49 per cent in 2026 with an output one-third above that of the second largest producer, the European Union.

At the same time, global production of wheat is projected to increase by 11 per cent over the outlook period of 2017-2026, while the wheat area increases by only 1.8 per cent.

Rice production is expected to grow by 66 Mt and will be almost exclusively driven by yield growth, which accounts for 93 per cent of additional production.

The report also underlined the fact that India will overtake China and is projected to be the most populous country in the world by 2026 with a growth in the population from 1.3 billion to 1.5 billion which is an increase of about 150 million.

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