India will impose duties on imports within the norms of the World Trade Organisation (WTO) to protect domestic industry and boost the economy, the Commerce Ministry said recently.
"We will use those options to further our interests', whether it is to develop our own economy or to protect our consumers from sub-standard products or whether to regulate some products in public interest. So certainly those options will be exercised," Commerce Secretary Anup Wadhawan said recently.
He said that as far as tariff policy is concerned, India is a developing economy and it has the right under the WTO to use tariff within the bound rates. Bound duty rates are tariffs over which a WTO member Country cannot hike the customs duties.
"Developing Country's infant industries' need protection. Our bound (duty rates) in the WTO have been shaped in that philosophy. We will certainly use...," he added.
Economic Affairs Secretary Subhash Chandra Garg has stated that the Centre has prepared a list of non-essential items whose imports can be curbed and also drawn up a separate list of goods whose exports can be boosted with a little policy intervention.
The Government may increase import duties on certain goods from sectors including metals, textiles, electronics and leather to contain outflow of US dollars.
Source :- Dailyshippingtimes.com