by India is considering reducing import tariffs on over 30 items, including luxury cars, solar cells, and chemicals. This move aims to lower average tariffs and potentially increase imports from the United States.
Key Highlights:
- Luxury Cars: The government plans to cut basic customs duties on luxury cars, reducing the peak tariff from 150% to 70%. However, a new Agriculture Infrastructure Development Cess (AIDC) of 70% will be applied, resulting in a combined rate of 70%.
- Solar Cells: Tariffs on solar cells are set to decrease to 20%, with additional surcharges applied.
- Chemicals: Import duties on various chemicals will be reduced, aiming to enhance trade relations and support domestic industries.
These adjustments are part of India’s strategy to strengthen trade ties with the U.S. and promote economic growth. The government is consulting with various departments and industries to ensure a balanced approach that protects domestic interests while enhancing global competitiveness.1
“Success is built on the foundation of failure.”
- Source: Reuters ↩︎
