The Indian finance ministry is considering a substantial increase in import duties to promote self-reliance in the maritime sector. Key maritime imports such as fishing vessels, tugs, pusher crafts, light vessels, lifeboats, and barges may see a rise in duties from 5% to 50% over the next decade, with a potential increase to 100% within 15 years. This move aligns with the government’s efforts to boost domestic production and reduce dependence on imports, in line with the recommendations from Maritime India Vision 2030. Notably, this decision follows the recent rollback of import restrictions on laptops, which faced criticism from industry stakeholders and the international community.
Indian Finance Ministry Contemplates Raising Import Duties to Boost Maritime Independence
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