With the rise in international oil prices in recent two years, as one of the largest oil importers in asia, India has paid a hefty price, with high oil prices leading to a widening economic and trade deficit in india, and an increase in the rate of devaluation of the rupee as overall investment in emerging markets is depressed. To that end, the Indian government again moves to raise some ' non-essential imports ' tax rates to slow the impact of increased capital outflows on the devaluation of the Rupee.
local time September 26, according to Reuters reported that the Indian authorities announced in Wednesday to increase the 19 kinds of ' non-essential goods ' import tariffs. This marks a more protectionist stance by the country in order to reduce its widening current account deficit and deal with the sharp devaluation of the rupee. It is reported that the new tariff policy will come into effect in Thursday (September 27), this time the increase in air-conditioning, refrigerators, footwear, speakers, luggage, as well as aviation turbine fuel imports of goods such as tax rates.
The move could affect exports to India from countries such as China and South korea, which produce high-end washing machines, refrigerators and air conditioners sold in INDIA. India said in a notice that in the last fiscal year ending March, the total imports of the 19 items amounted to about 860 billion rupees ($ 11.84 billion). According to reuters, this new initiative may affect companies including Samsung Electronics in Korea and LG electronics, Nike and other well-known companies, luggage box maker new beauty and speaker audio equipment manufacturer Bose.