India has cut customs duties on a number of raw materials and basic manufacturing components, in a move aimed at helping domestic manufacturers become more competitive. The Finance Ministry and Central Board of Excise and Customs lowered duties on a total of 32 products.
Manufacturers across India have been pushing the Ministry for reduced import duties on components. The requests were tied to bilateral trade agreements which link India's duty concessions to Thailand, Singapore and other East Asian trading partners.
If the manufacturers can import the raw materials and components less expensively, they say they can compete successfully against products manufactured in those other countries. The Ministry agreed, saying it was, "necessary in the public interest" to reduce a number of import duties.
The vast majority end products singled out for assistance are engine parts, from pistons and piston pins to valves to fuel injection parts. In those cases, only imports for producing the specifically listed products are eligible for the lower rates. In many cases, however, the lower duty rates are available to "All goods" being produced from that material or product.
India's bearing manufacturing industry was targeted for help by the Ministry's decision to reduce duties on 52100 bearing quality alloy steel wire rods, round bars and bright bars. Since the start of the year, duties on bearing steel have been cut almost in half.
The Basic Customs Duty had been 15%, with an additional Special Customs Duty of 4%, totaling 19%. The Special Duty was repealed on January 9, and the Basic Customs duty has now been reduced to 10% on these 32 products.
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