Govt considering elimination of import duties: Kamal Nath
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Government today said that it is considering elimination of import duties on a host of items, mainly food products, to improve their supply and rein in rising inflation. Interacting with media in the national capital ahead of the crucial meeting of the Cabinet Committee on Prices, Commerce and Industry Minister Kamal Nath on Monday said, “With international prices going to be steep, we are looking at cutting duties on many products, on food front, on edible oil and a whole range of products; in fact, bringing them to zero, if necessary.”
New Delhi: Government today said that it is considering elimination of import duties on a host of items, mainly food products, to improve their supply and rein in rising inflation. Interacting with media in the national capital ahead of the crucial meeting of the Cabinet Committee on Prices, Commerce and Industry Minister Kamal Nath on Monday said, “With international prices going to be steep, we are looking at cutting duties on many products, on food front, on edible oil and a whole range of products; in fact, bringing them to zero, if necessary.”
On steel, which has witnessed a sharp rise in the past few months, Nath said, the government would have to “calibrate duties to allow imports”. He asserted that the demand from the construction industry for both steel and cement has to be met.
Further, the Cabinet Committee on Prices would consider all issues. Removal of export subsidy on sugar and cotton is also under active consideration of the government, Nath said. The government has already slashed import duty on edible oils, including palm oil, from 45 per cent to 20 per cent.
Besides, stringent conditions have been imposed on exports of non-Basmati rice, while export incentives under the Duty Entitlement Pass Book (DEPB) scheme on 40-50 items, including steel and chemical products, have been withdrawn.
Inflation has touched a 13-month high of 6.68 per cent for the week ended March 15. (PTI)
On steel, which has witnessed a sharp rise in the past few months, Nath said, the government would have to “calibrate duties to allow imports”. He asserted that the demand from the construction industry for both steel and cement has to be met.
Further, the Cabinet Committee on Prices would consider all issues. Removal of export subsidy on sugar and cotton is also under active consideration of the government, Nath said. The government has already slashed import duty on edible oils, including palm oil, from 45 per cent to 20 per cent.
Besides, stringent conditions have been imposed on exports of non-Basmati rice, while export incentives under the Duty Entitlement Pass Book (DEPB) scheme on 40-50 items, including steel and chemical products, have been withdrawn.
Inflation has touched a 13-month high of 6.68 per cent for the week ended March 15. (PTI)
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