The Indian government is considering increasing customs duties on about 35 items in the Union Budget 2023. Some of the items on which custom duty may be raised are: private jets, helicopters, high-end electronics, plastic goods, jewelry, high-gloss paper, and vitamins, said a report in the Economic Times.
The government's move is intended to curb imports and encourage local manufacturing of some of these products. The commerce and industry ministry had previously asked various ministries to provide a list of non-essential items whose imports should be discouraged through a tariff hike.
Policymakers are also aiming to discourage the import of non-essential goods as part of a long-term strategy to encourage domestic production. Quality control orders have also been issued to curb cheap imports of non-essential goods.
Finance minister Nirmala Sitharaman is set to present the Union Budget on February 1, 2023. The Union Budget is being prepared amid continuing rate hike by many central banks and in the backdrop of high inflation across the world.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
The government's move is intended to curb imports and encourage local manufacturing of some of these products. The commerce and industry ministry had previously asked various ministries to provide a list of non-essential items whose imports should be discouraged through a tariff hike.
Policymakers are also aiming to discourage the import of non-essential goods as part of a long-term strategy to encourage domestic production. Quality control orders have also been issued to curb cheap imports of non-essential goods.
Finance minister Nirmala Sitharaman is set to present the Union Budget on February 1, 2023. The Union Budget is being prepared amid continuing rate hike by many central banks and in the backdrop of high inflation across the world.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
