High tariffs not for ever: Sitharaman

Union Finance Minister Nirmala Sitharaman on Wednesday said high tariffs for some sectors were not a permanent stance of the government and policy calibrations were being made.

Speaking at the Business Standard Manthan, Sitharaman said Aatmanirbhar Bharat was not a regressive step.

"Artificial protection creating inefficiencies cannot be supported and we are conscious of that. And so there are calibrations being done in this policy... We do want to give some protection for some time. It is not permanent - 'shut the door off'. We are not saying we will grow but we will take 50 years to grow," Sitharaman said.

On higher tariffs and the removal of exemptions, she said the decision on Aatmanirbhar Bharat was regarding areas where the country could not afford to have cheap imports. "If our production is not cost-competitive, we will have to face the music," she said.

The finance minister reiterated the government would adhere to its privatisation policy to ensure that the public sector was present only in core, strategic areas.

"We are not delaying (things), doing nothing.

The valuation of these companies is being closely monitored and improved before we take them to the market," Sitharaman added.