India likely to raise import duties on more than 50 items - sources
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard

Friday
July 01, 2022

Sign In
Subscribe
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
FRIDAY, JULY 01, 2022
India likely to raise import duties on more than 50 items - sources

Global Economy

Reuters
24 January, 2020, 08:15 pm
Last modified: 24 January, 2020, 08:16 pm

Related News

  • Indian shares fall, rupee hits record low as oil prices rebound
  • India's wholesale price inflation runs at 30-year high, makes rate hikes more likely
  • India raises rates for second straight month to tackle racing inflation
  • Omicron curbs may have slowed down India's economic growth before Ukraine war
  • Morgan Stanley cuts India growth forecasts on inflation, global slowdown

India likely to raise import duties on more than 50 items - sources

The move could hit smartphone manufacturers that still import chargers or other components such as vibrator motors and ringers, along with retailers such as giant IKEA that is in the process of expanding its footprint in India

Reuters
24 January, 2020, 08:15 pm
Last modified: 24 January, 2020, 08:16 pm
FILE PHOTO: India's Finance Minister Nirmala Sitharaman attends a joint news conference with US Treasury Secretary Steven Mnuchin in New Delhi, India, November 1, 2019. REUTERS/Adnan Abidi/File Photo
FILE PHOTO: India's Finance Minister Nirmala Sitharaman attends a joint news conference with US Treasury Secretary Steven Mnuchin in New Delhi, India, November 1, 2019. REUTERS/Adnan Abidi/File Photo

India plans to increase import duties on more than 50 items including electronics, electrical goods, chemicals and handicrafts, targeting about $56 billion worth of imports from China and elsewhere, officials and industry sources said.

Finance Minister Nirmala Sitharaman could make the announcement when she presents her annual budget for 2020/21 on Feb. 1, along with other stimulus measures to revive sagging economic growth, one of the government officials said.

Higher customs duties are likely to hit goods such as mobile phone chargers, industrial chemicals, lamps, wooden furniture, candles, jewellery and handicraft items, two government sources with direct knowledge of the matter said.

The move could hit smartphone manufacturers that still import chargers or other components such as vibrator motors and ringers, along with retailers such as giant IKEA that is in the process of expanding its footprint in India.

IKEA had previously flagged higher Indian customs duties as a challenge.

The government had identified items and decided to increase import tariffs by 5 percent-10 percent as recommended by a panel of trade and finance ministry officials, among others, the second government official said.

"Our aim is to curb imports of non-essential items," said the official, adding a hike in import duties would provide a level playing field for local manufacturers-hit by cheap imports from China, the Association of Southeast Asian Nations (ASEAN), and other countries that enjoy trade pacts with India.

The sources asked not be identified as the discussions were private.

A spokesman for the finance ministry and a spokeswoman for the commerce ministry declined to comment.

Since taking charge in 2014, Prime Minister Narendra Modi has imposed several restrictions on imports while allowing more foreign investment in manufacturing, defense and other sectors.

Modi's ruling Bharatiya Janata Party (BJP) has also asked the government to increase duties on non-essential items to boost local manufacturing.

"We expect the budget will address the issue of ... cheap imports under free trade pacts," Gopal Krishan Agarwal, the head of BJP's Economic Affairs Cell, told Reuters.

The United States wants India to buy at least another $5-6 billion worth of American farm goods if New Delhi wants to win reinstatement of a key US trade concession and seal a wider pact, four sources familiar with the talks told Reuters.

US President Donald Trump cited trade barriers last year when removing India from its Generalized System of Preferences program that allowed zero tariffs on $5.6 billion of exports to the United States. In retaliation, India slapped higher tariffs on more than two dozens US products.

World+Biz / South Asia

Indian economy

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • EU’s REX system: Exporters now enjoy hassle-free certification of goods origin
    EU’s REX system: Exporters now enjoy hassle-free certification of goods origin
  • BB bids farewell to easy money policy to tame inflation
    BB bids farewell to easy money policy to tame inflation
  • Non-compliant tanners fear losing Eid business
    Non-compliant tanners fear losing Eid business

MOST VIEWED

  • Representational Image. Gold bars and coins are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, August 14, 2019. REUTERS/Michael Dalder/File Photo
    India raises import tax on gold to 12.5% from 7.5%
  • An employee measures a newly manufactured ball mill machine at a factory in Nantong, Jiangsu province, China June 28, 2019. REUTERS/Stringer
    Asia's factories feeble despite China bounce, feeds global recession fears
  • Indonesian President Joko Widodo attends a joint news briefing with Ukraine's President Volodymyr Zelenskiy, as Russia's attack on Ukraine continues, in Kyiv, Ukraine June 29, 2022. Ukrainian Presidential Press Service/Handout via REUTERS
    Indonesia leader targets food crisis during Russia-Ukraine peace mission
  • US President Joe Biden delivers the State of the Union address to a joint session of Congress at the US Capitol in Washington, DC, US, March 1, 2022. Saul Loeb/Pool via REUTERS
    Biden says will see Saudi crown prince, won't push directly on oil
  • European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium June 17, 2022. REUTERS/Yves Herman/File Photo
    EU countries, lawmakers set to agree on plan to curb state-backed foreign buyers
  • A view of high-voltage transmission towers in Houston, Texas, on 21 February 2021. JUSTIN SULLIVAN/GETTY IMAGES
    Yes, we need to talk about cutting energy demand

Related News

  • Indian shares fall, rupee hits record low as oil prices rebound
  • India's wholesale price inflation runs at 30-year high, makes rate hikes more likely
  • India raises rates for second straight month to tackle racing inflation
  • Omicron curbs may have slowed down India's economic growth before Ukraine war
  • Morgan Stanley cuts India growth forecasts on inflation, global slowdown

Features

Photo: Collected

Sapiens – A Graphic History 

1h | Book Review
Black-naped Monarch male  Photo: Enam Ul Haque

Black-naped Monarch: A sovereign who never abandoned the Indian subcontinent

3h | Panorama
The 136-year-old company on its last legs

The 136-year-old company on its last legs

4h | Features
Agricultural worker walks between rows of vegetables at a farm in Eikenhof, south of Johannesburg, South Africa. Photo: Reuters

With vast arable lands, why is Africa dependent on imported grain?

1h | Panorama

More Videos from TBS

Dhaka University celebrating 102nd founding anniversary today

Dhaka University celebrating 102nd founding anniversary today

1h | Videos
Ctg Int'l Trade Fair returns after a 2-year hiatus without Covid restrictions

Ctg Int'l Trade Fair returns after a 2-year hiatus without Covid restrictions

2h | Videos
Bangladeshis among top 6 nationalities seeking asylum in Europe

Bangladeshis among top 6 nationalities seeking asylum in Europe

3h | Videos
RUET organises Robotronics 2.0

RUET organises Robotronics 2.0

3h | Videos

Most Read

1
Padma Bridge from satellite. Photo: Screengrab
Bangladesh

Padma Bridge from satellite 

2
Meet the man behind 'Azke amar mon balo nei'
Splash

Meet the man behind 'Azke amar mon balo nei'

3
Photo: TBS
Bangladesh

Motorcycles banned on Padma Bridge 

4
Photo: Collected
Economy

Tech startup ShopUp bags $65m in Series B4 funding

5
Photo: Courtesy
Corporates

Gree AC being used in all parts of Padma Bridge project

6
World Bank to give Bangladesh $18b IDA loans in next five years
Economy

World Bank to give Bangladesh $18b IDA loans in next five years

EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2022
The Business Standard All rights reserved
Technical Partner: RSI Lab
BENEATH THE SURFACE
Workers with minimum safety equipment are busy producing iron rods at a local re-rolling mill at Postogola in Old Dhaka. Reused metals from the adjacent shipyards in Keraniganj have played a major role in establishing several such mills in the area. PHOTO: Mumit M

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net