New Delhi: The Union government is planning to increase the import duties of non-essential items. The decline in exports from the country and the rising trade deficit are the main reason for taking this decision.
The Union Finance Ministry is carrying out an exercise to select a list of non-essential items. The hike in import duties may be levied on items for which there is enough manufacturing capacity in the country. Items that come under the same Harmonized System of Nomenclature (HSN) code will be exempted from this.
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The last major import duty hikes were imposed in Budget 2022 when duties on items like earphones, loudspeakers, and smart meters, among other items, were hiked.
As per the data released by the Union Commerce Ministry, exports in April-November amounted to $295.26 billion, up by 11.1%, while imports were 29.5% higher at $493.61 billion. Total exports, including services in April-November were $499.67 billion, up by 17.7%. Imports, meanwhile, rose 29.5% to $610.70 billion.
The trade deficit is in November was $23.89 billion. Trade deficit is the difference between imports and exports of the country.
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