White goods and footwear gets costlier owing to increased government duties
Posted on: 27/Sep/2018 10:50:22 AM
The Government has recently increased the import duties updated on Wednesday about the details of the hike for 19 items. Air Conditioners, Small Washing machines, Refrigerators, Speakers, Radial car tires, Footwear, Gems, Jewelry and household items are the mentioned goods that will have increased duty for the import trade. This will automatically increase the cost of the goods sold in retail for the public.
Import duty on aviation fuel will certainly increase the air travel in upcoming days. Depreciating Indian rupee and heavy tax impositions are further worsening the trade and business economy of the nation. Many Airlines suggest a duty free import of air fuel for not burdening the effect on customers with increased ticket rates.
Government uses the strategy of high duties imposition for reducing the non-essential imports to support the rupee value in the world economy. But large scale international companies are setting up more in house factories to produce their products to avoid import considerations. This can further destroy the resources of the nation correlated with increasing foreign industries. Expert opinions says the government should lower the duty tax on import for non-essential goods and have to take measures for increasing the country’s small scale local production for attaining a flourishing economy.
The rupee rate in world economy was depreciated for about 14 percent as of 2018 mid way making it the worst performing Asian currency. Demonetization, GST and other tax impositions are considered to be main reasons for the big fall down of Indian economy.
As the compressors and other spare parts importing duties will certainly go up then the companies will directly lay down the weight on the shoulders of customers with increasing retail cost. New duty structure increases the prices of electronic products that will probably make the companies to go for making the products in India. Make in India was the real motto behind this new duty structure. Expert opinions points out the fact that making such goods through direct factories by the multinational producers will further worsen up the situation of depreciating agricultural lands and natural resources of the country.
