India to raise import tariffs on more than 50 items next week



by   |  VIEW 476

India to raise import tariffs on more than 50 items next week

India, the third-largest economy across the globe by PPP (Purchasing Power Parity) and the fifth-largest by nominal GDP, had been exploring an option to hike import levies on more than fifty items ranging from electronics to chemicals and handicrafts to child’s playthings, while the move would likely to target roughly $6 billion worth of goods from China and other countries, top Government officials alongside industry officials said on Friday, the 24th of January 2020.

On top of that, one of the top Government official was also quoted saying on condition of anonymity that the Indian Finance Minister, Nirmala Sitharaman, could make an announcement of added levies during her presentation of annual budget on February 1st, while another industry source said the South-east Asia’s largest economic HubSpot, India, which had witnessed its economic growth falling below 5 per cent for the first time in six years during the third quarter of 2019, would be unveiling other stimulus aimed at reviving the country’s economic growth.

Meanwhile, two other Government sources briefed directly over the budget that Sitharaman would be presenting on February 1st, said on Friday (January 24th) that the added levies on imports would be hitting a swathe of goods such as mobile phone chargers, lamps, wooden furniture, jewelleries, handicrafts, lamps alongside industrial chemicals.