Sunday, August 23
New Delhi: India is weighing higher customs duties and targeted incentives for a range of goods where imports remain high despite local production, in a bid to narrow the merchandise trade gap and reduce dependence on single-source supply chains. The proposed initiative could be rolled out in the upcoming budget, people aware of the development said. “There are certain goods in which we have high dependence on some geographies. We want to de-risk imports,” an official said.“Some can be given fiscal support, while a duty increase can be done for others,” the official said. The government has drawn up a list of about 100 goods — including engineering goods, steel products and machinery, besides consumer items such as suitcases and flooring materials — that could be considered for
