New Delhi, March 20- The Central Government today announced to cut 20% of the tax on the export of sugar to boost the sale in the overseas market. Moreover, the sugar production was much higher than the previous year. Last week the Indian Government decided to waive tax on sugar export and made it mandatory for the sugar mills to export a combined 2 million to 3 million tons to minimize the existing stocks. According to the Ministry of Agriculture sources the country has already produced a record 295 million tons of sugar in the financial year 2017-18 and it is expected to increase more than 45% in the country. The shares of Balrampur Chini Mills, Bharat Sagar and Industries Ltd and Sri Renuka Sugars Ltd went up to more than 5% on Tuesday immediately after the announcement.
On the otherhand the experts feel that the world market need more raw sugar than the refined variety and hence the
export of sugar may hit this year despite of the decision of the Central Government to lower tax on sugar export as well as a surplus production.