Sakshi Education
- The raft of import duty changes in the Union Budget 2022-2023 will affect products that account for less than 2% of value in India’s current import basket, allowing firms to chart out long term strategies, according to a note by think-tank Global Trade Research Institute (GTRI).
- “The changes in customs duty make up for less than $14 billion or 2% of the value in India's current merchandise import basket. This includes products where duty was increased or reduced… This will allow the firms to think long-term," said Ajay Srivastava, co-founder, GTRI.
- The combined value of imports of products where duty was raised in the Union Budget presented on Wednesday stands at $12 billion or 1.6% of India's total merchandise imports in 2022. For example, duty on silver bars and Silver dore bars, with $6.6 billion worth of imports in 2022 saw duty increased from 6.1 and 7.5% respectively to 10%. Gold jewelry with imports worth $950 million saw duty increased from 20% to 25%. Small cars, accounting for imports worth $390 million saw duty increased from 60% to 70%. Similarly, toys making up for $58 million worth of imports saw duty increased to 70% from 60%.
- Combined imports value for products where duty was reduced is $2 billion or 0.27% of India's total merchandise imports in CY 2022, according to the note. The duty on camera lens for mobile phone was reduced from 2.5% to zero, to support mobile phone manufacturing.
>> Download Current Affairs PDFs Here
Download Sakshi Education Mobile APP
Published date : 09 Feb 2023 05:24PM
