News of a tariff hike for all products manufactured in India from April will help lift spirits for the country’s manufacturers, the government said on Monday.
“The Government of India has taken the decision to raise the tariff of all manufacturing products, including apparel, footwear, furniture, chemicals, fertilisers, plastics, fertiliser plants, pharmaceuticals, machinery, machinery parts and accessories,” Industry Minister Mukhtar Abbas Naqvi said in a statement.
The move comes in line with a previous government decision to lift the import duties on footwear, a move that the World Bank and the International Monetary Fund have described as “a major step towards a more fair global trading environment”.
However, there is still no clear measure on whether the hike will have any impact on exports.
The Indian manufacturing industry is still reeling after an outbreak of the coronavirus in March killed nearly 2,000 people.
India has been grappling with a shortage of raw materials and equipment to manufacture its products and the government has been keen to boost domestic demand to meet the rising demand for products.