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A Cut In Custom Duty will help in Boosting Exports

Published: February 3, 2023

When a cut from he custom duty will be announced, it will become easier for the domestic manufacturers. There will be an increase in the capital investment by 33% i.e Rs.10 lakh crore with 50 years of free loan to the state.

This will help in investing the infrastructure investment and higher capital outlay. A set of outlay is reserved for railways, several infrastructure projects in port, coal, steel which has a multiplier effect on economy and employment. There are many changes that have been made in the customs duty to help provide the competitiveness in manufacturing and also the exports. This is besides attempting the imports substitution.

Denatured ethyl alchocol and crude glycerine have faced a reduction in the duty. This will help in the chemical sector. The shrimp feed will help the marine exports . There will be a drop in duty of manufacturing diamonds and R&D grant to facilitate the gems and the jewellery exports. According to Sanjay Budhia, Chairman, CII National Committee, “There are quite a few changes in the customers duties that would improve competitiveness in manufacturing and exports. The cut in customs duty on the import of certain important sectors like inputs for mobile phone manufacturing would help in boosting value added exports”.

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