See no positive impact from just scrapping export duty, says Balrampur Chini

The government recently came out with a decision to scrap the 20% export duty on raw and refined sugar.

However, stating that "scrapping of export duty is not going to have any positive impact" Vivek Saraogi, MD of Balrampur Chini said that the move won't be effective due to the loss in exports.

"Impact on sales or prices is also unlikely, he says adding that domestic prices would continue to remain subdued", Saraogi said.

About sugar production, he said that it would likely be higher next year than this year. "This year too there was surplus production and so the industry is staring at a huge surplus. Therefore, both the Centre and the state needs to step in and take proper steps."