Wait...
Search Global Export Import Trade Data
Recent Searches: No Recent Searches

India Mulls Import Duty Cuts to Curb Inflation.


Date: 31-01-2011
Subject: India Mulls Import Duty Cuts to Curb Inflation
DAVOS, Switzerland: India is concerned about high global commodity and oil prices and will consider cutting import duties on more food products to curb inflation gripping Asia's third-largest economy, its trade minister said.

India is already allowing duty-free imports of crude vegetable oils and is likely to continue to do so as food price rises remain in the double digits, a worry that has prompted foreign fund managers to pull out of the country's equities.

Asked if India would consider cutting more import duties, Indian Trade Minister Anand Sharma told Reuters late on Saturday at the World Economic Forum in Davos, Switzerland: "Yes, when there is a shortage and the inflation is high."

"Like where there is a shortage and we don't produce enough, it is but natural (to cut import duties). Why should we import at such higher prices and then subsidize it for the public distribution system?"

Food inflation in India inched up in mid-January to hit 15.57 percent due to unseasonal rains hitting output of vegetables, such as onions, potatoes and tomatoes -- key ingredients in Indian cooking.

Analysts are forecasting more interest rate rises by the Reserve Bank of India, which on Tuesday raised policy rates for the seventh time since last March.

Global crude prices soaring toward $100 a barrel are also another concern, Sharma said, due to worries that India's nagging trade deficit could widen further.

"Well, everybody would be (worried), especially those dependent on imports," Sharma said. "It has been a matter of concern because in any case, we have a trade deficit."

India's goods trade deficit has been wide as it needs to import large quantities of iron and steel, chemicals and machinery to fuel a rebound in industrial growth.

The trade deficit can exacerbate India's current account deficit and adds to the need for India to attract fund inflows to finance the gap.

Policymakers have said the deficits were a concern but manageable. However, some have said the shortfalls make it easier for India to absorb a surge in inflows of capital -- the product of super-loose monetary policy in advanced economies.

Source : economictimes.indiatimes.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 29-08-2025
Notification No. 52/2025-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, BrassScrap, Areca Nut, Gold and Silver

Date: 28-08-2025
Notification No. 36/2025-Customs
Seeks to extend custom duty exemption on Raw Cotton

Date: 25-08-2025
Notification No. 51/2025- Customs (N.T.)
Amendment to Notification No. 77/2023-Customs (N.T.) dated 20.10.2023 - Revision of AIR of duty drawback of Gold jewellery and silver jewellery/articles.

Date: 20-08-2025
NOTIFICATION No. 12/2025 – CENTRAL TAX
Seeks to extend the due date for furnishing FORM GSTR-3B for the month of July,2025 upto 27.08.2025, for the taxpayers registered in Mumbai (City), Mumbai (sub-urban), Thane, Raigad and Palghar districts of Maharashtra

Date: 18-08-2025
Notification No. 35/2025-Customs
Seeks to prescribe BCD and AIDC on Raw Cotton for a specified period

Date: 14-08-2025
Notification No. 50/2025-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass,Scrap, Areca Nut, Gold and Silver

Date: 31-07-2025
Notification No. 49/2025-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils,Brass Scrap, Areca Nut, Gold and Silver

Date: 19-07-2025
Notification No. 34/2025-Customs
Seeks to amend notification No. 146/94-Customs, dated the 13th July, 1994 to omit serial number 10A.

Date: 18-07-2025
Notification No. 33/2025-Customs
Seeks to amend notification No. 146/94-Customs, dated the 13th July, 1994 to provide exemption on import of Horses for Polo (HS 0101 29 10) under specified condition.

Date: 16-07-2025
Notification No. 47/2025-Customs (N.T.)
Appointment of Common Adjudicating Authority for the purpose of finalization of Provisional Assessment in SVB case w.r.t. M/s. Ammega Belting India Pvt. Ltd. -reg



Exim Guru Copyright © 1999-2025 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001