ENA Sectors 2024-01-05 12:30:07 <p><span style="font-size:14px"><strong>New Delhi, Jan 5 (KNN)</strong> India will have to eventually move to a lower customs duty regime and cannot continue to protect domestic manufacturers by citing infant industry argument Rajesh Kumar Singh, Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT) stated, on Thursday.</span></p> <p><span style="font-size:14px">The official emphasised that tariffs are not primarily viewed as a revenue source.</span></p> <p><span style="font-size:14px"> The DPIIT's view is that there are possibilities of using tariffs creatively to protect some of our industries, particularly when they are subject to predatory pricing or dumping from certain geographies, he said, reported ET.</span></p> <p><span style="font-size:14px">He further added, While there is a need to protect sectors which are weak, there is no need to continue with the high tariff walls for segments that are doing well. </span></p> <p><span style="font-size:14px"> But I think, over time, we will have to move to a lower tariff regime overall. The Basic Customs Duty (BCD) will have to start coming down, the Secretary mentioned.</span></p> <p><span style="font-size:14px">These remarks hold significance as certain experts suggest that India should reduce its import duties to integrate with global value chains.</span></p> <p><span style="font-size:14px">However, there is opposition from some domestic industries, such as the automotive sector, against such a move.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 36153 https://knnindia.co.in/news/newsdetails/sectors/dpiit-secretary-signals-move-towards-lower-customs-regime 2024-01-05 12:30:07 knnindia.co.in