Fresh import curbs on anvil to contain CAD, rupee; PMO to take stock on Oct 12

The government may announce a fresh set of measures that could include higher customs duties and import restrictions on a certain non-essential items as part of a broader plan to contain a widening current account deficit (CAD) and arrest the rupee’s slide. 4 percent of GDP in April-June and the rupee is hovering at above 74 to a dollar. The finance ministry had last month hiked import duty on high-end consumer items including washing machines, air conditioner, footwear, diamonds, jet fuel as a part of its plan to get foreign funds flowing back to India and to reduce CAD and stabilise the domestic currency. There will be no import curbs on intermediate goods as these items used in production process and a higher tariff will affect the domestic industry,” a source in know of the matter said. Restricting imports is a part of the government’s earlier announced five-point strategy to arrest the rupee’s slide.

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