Why budget expects duty moderation

was a surge in edible oil imports.

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“We don't expect that surge to be there in 2026-27. So, we pegged our forecast for 2026-27 to be a modest 5% growth,” he said.The CBIC chairperson said the moderate growth projection was a conscious decision keeping in mind the steps being taken to build competitiveness of the domestic manufacturing industry, making it resilient and achieving sustained industrial growth to achieve the status of an advanced nation by 2047.

India has successfully concluded a spate of deals with trade partners, the latest being negotiations on an FTA with the EU and UK, and a trade deal with the US, details of which are awaited.

The chairperson also said the budget proposals seek to reform customs procedures significantly to cut the time and costs at ports for businesses, while also making life easier for individuals travelling abroad.