Need to increase import duty on products to support MSMEs, says Gadkari
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New Delhi, Aug. 8 -- There is a need to increase import duty on some products to support small manufacturers in the country, micro small and medium enterprises (MSME), encourage self reliance and local production, Union minister Nitin Gadkari said on Saturday.
The minister did not specify the type of products.
"India needs to manufacture more (to increase volume) and this will result in lower prices. An increase in import duty will encourage Indian manufacturers. When the production is in bulk, the cost will be competitive," Gadkari said at a virtual summit organized by Confederation of Indian Industries (CII).
In the last few months, the government hiked import duty on items such as bamboo used in making agarbatti from 10% to 25% to e...
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