DH Latest NewsLatest NewsIndia

Union government to increase import tax on Chinese products

It has been reported that the union government is thinking to impose heavy levy on imports from China. The government will impose duty on 300 Chinese products.

As per top officials, the plan is on the plate since April and will fall along the lines of Prime Minister Narendra Modi’s recent announcement on self-reliance campaign to bolster local product supply. The new duty structures are likely to be gradually outlined over the next three months.

The government is considering raising import duties on 160-200 products and imposing non-tariff barriers – such as licensing requirements or stricter quality checks – on another 100.

The bilateral trade between China and India was worth $88 billion in the fiscal year ending March 2019. This showed the trade deficit of $53.5 billion in China’s favour, the widest India has with any country.

Between April 2019 and February 2020 India’s trade deficit with China was $46.8 billion.

Post Your Comments

Back to top button