New Delhi, Aug. 20 -- India has allowed duty-free imports of up to 1 million tonnes of raw sugar until 31 October, marking its first significant sugar import, as the government moves to cool soaring domestic prices ahead of the festive season.

The "proactive step" will immediately dispel speculation and ensure adequate supply to consumers at reasonable and stable prices over the coming year, the department of food and public distribution said in a post on social media platform X. India currently imposes a duty of 100% on raw sugar imports.

The move comes amid a sharp rise in sugar prices in recent weeks. The average retail price of sugar rose 13% month-on-month to Rs.54.06 per kg on 19 August from Rs.47.82 per kg, according to consumer ...