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%.
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