1. India is considering hiking import duties by 5 percent to 10 percent on over 50 items including smartphones, electronic components and appliances.
2. This move is a part of the nation’s self-reliant campaign to promote companies to manufacture their products in India.
3. According to the report, the government, with the changes in import duties, was looking to bring in additional revenue of 200 billion to 210 billion rupees, as the nation tries to stabilise its economy after the COVID-19 pandemic showing it down.
4. Officials in conversation with Reuters have also stated that the duty hikes will also impact imported furniture and electric vehicles, however, they didn’t really specify the percentage of the hike that was planned for these goods.
5. Industry execs have been observing India’s moves and have often said that they discriminate against foreign companies. According to government officials, these taxes are a way to promote India as the destination for local manufacturing.
