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Centre finalising tariffs on non-essential imports
Why is it in the news ?
- As per the official statement from Finance Ministry, government has finalised the list of non-essential items on which it will be imposing import tariffs.
More in the news
- The final list would include electronics, gems, select items of steel that are also manufactured in India, imported apples, and almonds, among others.
- The main issue under consideration was whether to include gold in it.
- Economic Affairs Secretary had said a few days ago that the list would help in shoring up the rupee at about Rs.68-70 to the U.S. dollar.
- The government had, earlier this month, announced :
-The easing of overseas borrowing norms for manufacturing companies,
-Removal of restrictions on foreign portfolio investment in corporate bonds,
-Tax benefits on masala bonds.
- The imposition of tariffs on the import of non-essential items is expected to bolster these efforts in stabilising the rupee’s levels.
Source
The Hindu.