In an effort to reduce the growing current account deficit and to ' decompress ' the local currency rupee, the Indian government formally restricts imports of non-essential goods.
26th Wednesday Midnight, India's new import tariff measures come into effect, including gems, aviation fuel, plastics, home appliances and footwear, such as the import tariff increase of 19 kinds of goods.
Among them, the aviation fuel tariff rate increased from zero to 5%, the airline caused a certain blow, diamond and other jewelry for the production of gem tax rate from 5% to 7.5%; imports of air-conditioning, refrigerators and small washing machines import tax rates from 10% to 20%, the price will be more expensive.
Tyres, loudspeakers, footwear, travel cases, travelling bags and some plastic-made cutlery and kitchen items will face higher tariffs.
Reuters analysts believe the move will affect exports to India, such as China and South Korea, while affected companies include Samsung Electronics, LG Electronics, Nike, luggage box maker new beauty, and Bose Corp, the audio equipment manufacturer, from the South Korean electronics giant.
The Financial Times points out that the move has made India, while seeking to boost the domestic economy, the latest protectionist measure.
Recently, the overall downturn in emerging markets, the capital outflow is serious, causing the rupee depreciation rate intensified. This week, the Indian rupee fell to 72.93 per cent against the dollar, a record low.
This month, the rupee has depreciated by more than 2.5% per cent, or nearly 15% in the year, the worst-performing currency in Asia. India to raise tariffs on goods | Plastics, refrigerators, etc. will face higher tariffs