New Delhi: 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. The government had identified items and decided to increase import tariffs by 5%-10% as recommended by a panel of trade and finance ministry officials, among others, the second government official said. Modi's ruling Bharatiya Janata Party (BJP) has also asked the government to increase duties on non-essential items to boost local manufacturing. Last July, the government raised import tax on more than 75 items, including gold and automobile parts, in its post-election budget. India's goods imports, which had been growing faster than exports in the last several years, fell some 8.90% during the April-December period from year-earlier levels, compared to a roughly 2% decline in exports.

Source: Mint January 24, 2020 15:45 UTC