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Date: 01/07/2024

Growth seen needing Customs duty, GST reforms
 
Implementation of key strategic reforms such as simplification of Customs duty structure, GST, and not incentivising low value-added electric vehicles would help India ensure sustainable development and inclusive growth,  according to the economic think tank Global Trade Research Initiative (GTRI). India is standing on the cusp of a transformative era and there is an urgent need for comprehensive economic reforms. From simplifying the convoluted Customs duty structure to pioneering regulatory sandboxes for crypto currencies, and from boosting the MSME sector through GST reforms to fortifying energy security, this agenda lays the foundation for a robust, resilient and globally competitive India. It said that the current basic Customs duty structure, which affects $680 billion worth of imports, has not been reviewed in 20 years, leading to over 27 different duty rates and over 100 specific or mixed duty slabs, said a report.
 
Source: Exim News Service: New Delhi, June 30



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