In a preemptive move by the Narendra Modi-Government, India will likely slash customs duty on several high-end imported goods from the US in the upcoming budget, according to people aware of the development.
In a preemptive move by the Narendra Modi-Government, India will likely slash customs duty on several high-end imported goods from the US in the upcoming budget, according to people aware of the development.
The latest development follows US President Donald Trump's characterization of India, Brazil, and China as high-tariff countries.
In the union budget that is set to be unveiled on Feb. 1, the government may cut the customs duty on seven to eight high-end imported goods, sources told NDTV Profit. Items such as specialised steel, high-end motorbikes, and electronics items could see rate reduction, NDTV Profit has learnt.
The announcement that is expected this week will not have major impact on domestic industry, according to sources. Currently, about 20 items attract a tariff of over 100%.
Sign Up with Google
RECOMMENDED FOR YOU
Trade Agreements With US, EU To Be Concluded Soon, Says Finance Minister Nirmala Sitharaman
Jun 24, 2025
Over 2 Lakh Pending Appeals To Be Cleared This Fiscal: Sitharaman To Income Tax Officials
Jun 23, 2025
Fintech Firms Should View Rural India As Fertile Ground: Sitharaman
Jun 18, 2025
Finance Minister Nirmala Sitharaman Arrives In Leh For Four-Day Ladakh Tour
Jun 14, 2025
POPULAR