Administrative efficiency and targeted schemes can ease frictions, but they cannot offset the competitiveness loss from expensive imported intermediates.
The IGST component of total import duty collections is growing faster than that from Customs duty. And states enjoy a larger share in the rapidly growing pie of IGST on imports.
Trade deal is set to cut average tariffs from 15% to 3%. Indian agricultural exporters are set to enjoy duty-free access in a number of sectors, similar to those from Germany.
He also attacked Centre over foreign policy, saying that while China has taken over 4,000 sq km of Indian territory, foreign secy Misri was cutting a cake with Chinese ambassador.
In fact, the latest reading of the Federal Reserve Bank of Atlanta’s nowcast of real GDP growth suggests a contraction of 2.4 percent in the first quarter of 2025.
In 2023-24, the trade-weighted average tariffs on imported goods in India stood at 12%, much higher than 7% in 2014. Yet, total merchandise imports grew about 1.5 times over this period.
In tactical terms, the shirtless protest was worse than a self-goal. Suddenly, the fiascos of the AI Summit were forgotten, and the Youth Congress’s disruption became the issue.
IAF is fine with accepting the aircraft with 'must-haves', even if some other steps remain pending, which may take at least another year, it is learnt.
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