Budget 2021: Centre plans higher levy on some goods to cut imports


2021-01-28 07:08:27

NEW DELHI: India is considering a proposal to raise levies on a range of imported goods, with a view to boosting local manufacturing in line with the government’s focus on self-reliance, people with knowledge of the matter said.
Refrigerator, washing machines, cloth dryers, aluminum and electrical goods are among products likely to see an increase in customs duty, the people said asking not to be identified citing rules. The move may be announced as part of the government’s annual budget to be presented on February 1.
Union Budget 2021-22: Complete coverage
Boosting local manufacturing is key for Prime Minister Narendra Modi’s government to create jobs lost because of measures to stem the pandemic. While India’s current account — the broadest measure of trade — flipped to a rare surplus last year due to a slump in consumption, sustaining the trend will require India to substitute non-essential imports with home-made goods.
Import duties on some raw materials used for making export goods may also be pared, the people said. Items such as copper cathodes and copper waste and scrap — used in air-conditioning and electronics, besides coal tar pitch, and certain raw materials for making furniture may also see levies slashed, they said.
A call made to a finance ministry spokesman during business hours was not immediately answered.
Modi has made self-reliance central to his government’s plan to shake-off the economic fallout of the pandemic. Lockdowns to check the viru’s spread disrupted economic activity and pushed India — which not long ago held the title of the world’s fastest growing major economy — toward the biggest annual contraction on record this year.



Source link

58 Comments

  1. MarcosEtess March 5, 2021
  2. WesleyUtiff March 6, 2021
  3. Michaelhom March 8, 2021
  4. Randyabemi March 8, 2021
  5. Michaelhom March 9, 2021
  6. Randyabemi March 9, 2021
  7. Michaelhom March 10, 2021
  8. Michaelhom March 11, 2021
  9. JeffreyGog March 11, 2021
  10. Wayneweday March 11, 2021
  11. JeffreyGog March 12, 2021
  12. Wayneweday March 12, 2021
  13. Wayneweday March 13, 2021
  14. JeffreyGog March 14, 2021
  15. Wayneweday March 14, 2021
  16. JeffreyGog March 15, 2021
  17. Wayneweday March 15, 2021
  18. Stanleycak March 16, 2021
  19. Ricardomus March 16, 2021
  20. Stanleycak March 17, 2021
  21. Ricardomus March 17, 2021
  22. ThomasHaf March 18, 2021
  23. Ricardomus March 18, 2021
  24. ThomasHaf March 19, 2021
  25. Ricardomus March 19, 2021
  26. ThomasHaf March 20, 2021
  27. Ricardomus March 20, 2021
  28. ElmerJearo March 22, 2021
  29. MarvinHag March 22, 2021
  30. MarvinHag March 23, 2021
  31. ElmerJearo March 23, 2021
  32. Jasoncok March 25, 2021
  33. MarvinHag March 25, 2021
  34. Jasoncok March 26, 2021
  35. MarvinHag March 26, 2021
  36. MarvinHag March 28, 2021
  37. Jasoncok March 28, 2021
  38. MarvinHag March 28, 2021
  39. Scottrhync March 29, 2021
  40. VictorJonge March 30, 2021
  41. Scottrhync March 31, 2021
  42. VictorJonge March 31, 2021
  43. Scottrhync April 1, 2021
  44. Frankhem April 2, 2021
  45. Scottrhync April 3, 2021
  46. Frankhem April 3, 2021
  47. Stevenstazy April 4, 2021
  48. Charlesget April 5, 2021
  49. Stevenstazy April 6, 2021
  50. Charlesget April 6, 2021
  51. BillyViz April 7, 2021
  52. Alfredted April 7, 2021
  53. BillyViz April 8, 2021
  54. BillyViz April 9, 2021
  55. JamesBrivy April 10, 2021
  56. HarryShife April 10, 2021
  57. HarryShife April 11, 2021
  58. JamesBrivy April 11, 2021

Leave a Reply