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Govt. may raise import duties by 5-10%
Why is it in news?
- According to government sources, India is considering raising import duties by 5%-10% on more than 50 items, in the upcoming budget.
- The Finance Minister will on Feb. 1 unveil the central government’s annual budget for the 2021-22 financial year, which begins on April 1.
Details:
- The import duty will raised on items including smartphones, electronic components and appliances.
- The move to increase import duties is part of India’s self-reliant campaign that aims to promote and support domestic manufacturing.
- The duty increases could impact furniture and electric vehicles, potentially hurting the likes of Swedish furniture maker Ikea and Tesla.