: Union Budget will be presented after only 17 days. Union Finance Minister Nirmala Sitharaman will present the general budget for the next financial year on the first day of next month i.e. February 1. In this budget, several changes will be made. Even, along with increasing the import duty on some products, it will also be reduced on some products. In this situation, some media are claiming that this time, the government is preparing to increase the tax on the import of about 35 items.
Target Production Increase: Basically, the items on which the tax is being increased include electronics, plastic products, jewellery, high gloss paper, vitamins, helicopters and private jets. In fact, the government’s aim is to increase the domestic production area for these items by reducing imports. In this case, increasing the import duty would reduce the import of those items and strengthen the government’s “Atmanirbhar Bharat Mission”.
In 2022, import duty was increased on several items: Let us inform in this context that earlier in the budget of 2022 it was announced to increase the import duty on several items. According to sources, last December, the Ministry of Commerce and Industry had asked various ministries for a list of products that could be reduced by increasing import duty. It may be noted that the current account deficit widened to 4.4 percent in the quarter ended September. That is the highest in nine years.
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A financial meltdown may also affect India: In this situation, the government is hoping that the increase in import duty will help reduce the current account deficit. Which will strengthen the economy in coming days. In fact, the IMF has already warned that one-third of the world’s countries could fall into recession this year. Besides, the IMF also said that this recession could also affect India.