Govt allows duty-free imports of 1 million tons of raw sugar, signals price relief

Alongside the import decision, the government has introduced tighter restrictions on sugar inventories held by large consumers.India has allowed duty-free imports of 1 million metric tons of raw sugar until October 31, the commerce ministry said on Thursday, as the government moves to boost domestic supplies and contain record prices ahead of the country's peak festival season.The decision comes as sugar prices have risen sharply amid tightening supplies, with domestic prices jumping 10% over the past month to a record high. Prices have risen by nearly 40% in two months, according to the latest available data, as weaker sugarcane production has squeezed supplies.India, the world's biggest sugar consumer, is importing sugar for the first time in nearly a decade as it seeks to bridge the sup