New Delhi: The government is considering increasing customs duty on more than 35 items in the budget to be announced on February 1. The Centre's upcoming budget may increase customs duty on certain items, including jewelery and high-end electronic items, to encourage manufacturing in India and curb imports of non-essential goods.
The Union Budget 2023-23 will raise customs duty on 35 items including private aircraft, helicopters, jewellery, vitamins, high-end electronic goods, plastic goods and high-gloss paper. Official sources say the move is aimed at reducing imports and encouraging local production of some of these products.
Last month, the Piyush Goyal-led Ministry of Commerce and Industry had directed various ministries to come up with a list of essential goods whose imports should be discouraged by increasing import duty. To promote the Make in India initiative launched in 2014, India has announced an increase in customs duties on several products. It aims to support the Atmanirbhar Bharat scheme.
In the last budget, import duties on products including imitation jewellery, umbrellas and ear phones were raised to encourage local manufacturing. Meanwhile, the government had also increased the import duty last year to reduce the import of gold.
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