New Delhi : With sugar prices rising after the Centre rolled out incentives for the industry, Food Minister Ram Vilas Paswan today blamed the increase on market speculation and said surplus stocks will help stabilise rates. Paswan, who announced a decision to more than double import duty on sugar to 40 per cent this week, said India does not depend on imports to meet its requirement of the sweetener and the proposed duty should have no impact on prices.
In an interview to PTI, Paswan said while the Centre was doing its bit to give additional interest-free loans to sugar mills to clear dues to cane farmers, the crisis facing millers in Uttar Pradesh was due to policies followed by the state government. “When we have surplus sugar of 20 lakh tonnes, there is no question of price rise. It is all due to speculation. Prices will stabilise soon,” he said. Sugar prices have risen by Rs 2-3 per kg in the national capital since Monday’s announcement.