Import duties have been rationalised to allow Indian industry to source raw materials and promote domestic manufacturing and exports, Finance Minister Nirmala Sitharaman said on Sunday.
India's 2025 Union Buget has focused on an fillip for the domestic industry to become more competitive globally. This comes at the backdrop of US President Donald Trump's tariff actions after taking over the reigns for the second time in the White House.
"India is taking steps to strengthen its economy, to ensure self-reliance, and as I said, in the next 25 years, to make the country a manufacturing hub through 'Make in India' and making for the world," Sitharaman told NDTV's Editor-In-Chief Sanjay Pugalia in an exclusive televised interview.
She said the reduction in import tariffs on critical minerals — a key but expensive component to produces batteries for electric vehicles — will help local medium, small and micro industries operating in the space.
"Custom duty was rationalized and the number of duties of items were reduced, so that our production increases. If we have to import things to value add in our goods and then export, we are doing that as well," she said.
Sitharaman on Saturday announced the removal of import duties on 12 critical minerals, lithium-ion batteries scrap, cobalt products, LED, zinc and 36 drugs for cancer and rare diseases.
"I propose to fully exempt customs duties on 25 critical minerals and reduce BCD on two of them. This will provide a major fillip to the processing and refining of such minerals and help secure their availability for these strategic and important sectors," Sitharaman said in her Budget speech.
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