India on Saturday raised taxes on imports of goods such as electronic items, toy...
NEW DELHI/BENGALURU - India on Saturday raised taxes on imports of goods such as electronic items, toys and furniture, aiming to give impetus to domestic manufacturing in a move that will hit Sweden’s IKEA and other foreign firms.
Listing the new taxes, the government said they were in line with Prime Minister Narendra Modi’s “Make in India” program aimed at promoting domestic industry. Sitharaman defended the decision, saying the rationale was that if certain goods were being manufactured locally at “equal quality, if not better, we had no reason to import.”
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