For 1st time in a decade, India to import 10 lakh tonnes of sugar

Sugar imports open after decade as govt moves to check price surgeNEW DELHI: Govt Thursday allowed the import of 10 lakh tonnes of raw sugar, the first such move in a decade, as it stared at a possible decline of at least 20% in the opening stock of the sweetener.The move came soon after the food ministry ordered that no bulk consumer such as confectioners, soft drink manufacturers, food processing industries, sweetmeat sellers and other institutional buyers using more than 10 tonnes of sugar a month can hold inventories for more than 15 days. This means if an entity uses 12 tonnes a month, at any given point, it can hold a stock of six tonnes. The order will be applicable between Sept and Nov.The low opening stock - projected at 35-40 lakh tonnes, against 50 lakh tonnes at the start of Oc