India, Feb. 2 -- Finance minister Nirmala Sitharaman announced extensive changes in import tariffs, simplifying the rate structure mainly to reduce input costs for domestic manufacturing so as to make Indian products globally competitive and boost the country's economy . Exports was one of the Union Budget's four identified engines of growth.

The government has also reviewed tariffs in a calibrated manner so that critical inputs for energy transition and essential items such as life-saving medicines become cheaper.

According to experts, the changes in import tariffs will benefit labour-intensive sectors such as gem and jewellery, textiles, leather and footwear and shipping. The budget also reviewed tariffs in sunrise sectors such as ele...