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Centre finalising tariffs on non-essential imports
News
- The government is planning to impose curbs on imports of “non-essential” items to strengthen the rupee.
Important Facts:
2. Non-essential items include electronics, gems, select items of steel that are also manufactured in India, imported apples, and almonds, among others.
- Reasons for this move
- The rupee is down about 12 per cent this year amid a widening current account deficit.
- Also, imports of non-essential items like gold and electronic goods have picked up significantly in recent months.
- Other measures announced by government to curb rupee fall-
- easing of overseas borrowing norms for manufacturing companies
- removal of restrictions on foreign portfolio investment in corporate bonds
- tax benefits on masala bonds
- Impact of the move
- The list would help in strengthening the rupee at about ₹68-70 to the U.S. dollar.
