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“On the duty rate itself, some unbelievable figures of 150%, 200%. Is this the era for such high duties? Even as we speak about Atmanirbharta, is this the era to stop unwanted imports only because of high duty rates?” Sitharaman observed.
She lauded CBIC’s efforts in progressively reducing high tariffs and simplifying duty structures, noting that only eight such high-duty categories remain after sustained reforms. “CBIC has taken a comprehensive view, ensuring that these fantastically high rates are brought down,” she said.
The finance minister’s comments come at a time when India is focusing on making domestic industries globally competitive while ensuring that essential imports do not face unnecessary barriers. While high tariffs have historically been used to protect local industries, Sitharaman suggested that, in today’s context, a more measured approach is required.
“The CBIC has the capability to act on measures that were unwarranted or warranted, if so required at that time. But in today’s context, to ensure India’s Atmanirbharta, this can be brought down to its minimum,” the minister asserted.
Her remarks indicate a possible policy shift towards a more open trade regime, with an emphasis on reducing trade frictions and enhancing the ease of doing business. The CBIC is expected to further review duty structures in line with the finance minister’s vision in the coming months.
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(Edited by : Anand Singha)
