India Import Curbs: The Government of India wants to discourage the import of various products and promote their production at the local level. Preparations are being made to tighten the rules for this reason.
After imposing restrictions on the import of personal computers and laptops, now the government is going to tighten some other products as well. It is being told in some media reports that the government can tighten the rules on the import of many products including cameras, printers, hard disks.
Due to this preparation of restrictions
In an ET report, quoting sources related to the matter, it has been told that the government may impose some restrictions on the import of cameras, printers, hard disks, telephone parts and telegraphic equipment. Sources say that the local demand for these products is decent and there is a need to curb their heavy imports, so that local production can be given a chance.
Import has increased so much
According to government data, the import of these products in the financial year 2022-23 was $ 10.08 billion. During the last financial year, goods worth $714 billion were imported into India, which is 16.5 per cent higher than the year-ago period. Due to the huge increase in imports during the last financial year, the current account deficit of the country had reached equal to 2 percent of GDP.
Such products are also increasing tension
The government is trying to make the rules stricter on some other products as well, whose contribution is more in imports. Such products include urea, antibiotics, turbo jet, lithium ion accumulators, refined copper, machine and mechanical equipment, solar and photovoltaic cells, aluminum scrap, sunflower seed oil and cashew nuts, etc.
Keep an eye on these products under the scope of ITA-1
The government is also monitoring the import of 250 products that come under the purview of Information Technology Agreement-1, on which India cannot impose import duty, but their huge import has become a matter of concern. These include integrated circuits ie IC, computers, telecom components, semiconductors, semiconductor manufacturing, amplifiers, testing equipment, software etc.