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Duty cuts a continuous process, not linked to global scenario: FM
March 28, 2025
|Mint New Delhi
Finance minister Nirmala Sitharaman on Thursday said the reduction in basic customs duty announced by the government in the recent past has been a continuous process aimed at improving self-reliance and for the country's development, and not in response to the reciprocal tariffs that the US government said will impose.
Speaking in the Rajya Sabha in response to the discussion on the Finance Bill, 2025, Sitharaman said India's tariff changes were meant for realizing the country's aspirations in the manufacturing sector.
The minister said the customs rate structure announced in the July 2024 budget was followed up in this year's budget. She said that as a result of two tranches of rationalization, the number of customs tariff rates has come down from 21 to eight.
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