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Business News›Industry›Cons. Products›Food›Steps to stabilise food prices: Govt

STEPS TO STABILISE FOOD PRICES: GOVT

SECTIONS
Steps to stabilise food prices: Govt
ET BureauLast Updated: May 26, 2022, 10:55 AM IST
Synopsis

THE GOVERNMENT HAD ON TUESDAY DECIDED TO CAP EXPORT OF SUGAR (RAW, REFINED AND
WHITE SUGAR) AT 10 MILLION TONNES IN THE CURRENT SUGAR SEASON FROM JUNE 1, 2022,
AND EXEMPT CUSTOMS DUTY AND AGRICULTURE INFRASTRUCTURE DEVELOPMENT CESS ON 2
MILLION METRIC TONNES EACH OF IMPORTED CRUDE SOYABEAN AND SUNFLOWER OIL PER YEAR
FOR TWO YEARS.

Sugar exports curb precautionary step to ensure enough supply in festive season
in Oct-Nov: Food Secretary

* Don't swing between ban and incentives
* Ten steps the government has taken recently to cool prices
* Market Movers: Sugar stocks tumble again; metals see no respite
* Commerce ministry notifies norms for allocation of TRQ for crude soybean,
sunflower oils
* India's palm oil imports could fall to 11-year low

Decisions to restrict sugar exports and allow duty-free imports of crude
soyabean and sunflower oil are "precautionary, price monitoring mechanism" to
stabilise prices of food items, the government said on Wednesday.

"The idea is to have stable prices and no undue spike (in prices) resulting from
shortage," said Sudhanshu Pandey, secretary, food and public distribution, said
during a media briefing.

The government had on Tuesday decided to cap export of sugar (raw, refined and
white sugar) at 10 million tonnes in the current sugar season from June 1, 2022,
and exempt customs duty and agriculture infrastructure development cess on 2
million metric tonnes each of imported crude soyabean and sunflower oil per year
for two years.

These are the latest in a series of measures the government has announced in
recent days to check rising prices across almost all items from fuel to
vegetables and cooking oil. On Saturday, it had cut excise duty on petrol and
diesel by ₹8 and ₹6 per litre, respectively.

( Originally published on May 25, 2022 )
In Video: Sugar exports curb precautionary step to ensure enough supply in
festive season in Oct-Nov: Food Secretary

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