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Government raises import tariffs on 19 items

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Reuters MUMBAI

MUMBAI (Reuters) - The government said on Wednesday it raised import tariffs on 19 "non-essential items," in a bid to reduce the country's widening current account deficit and tackle a dramatic slide in the rupee.

The new tariff structure, which goes into effect Thursday, will see the government raise customs duties on items such as air conditioners, refrigerators, footwear and aviation turbine fuel, among other items.

The government had earlier said it was contemplating such a move to take pressure off the rupee, which has weakened by more than 12 percent so far this year.

The total value of imports of the 19 items in last fiscal year ended March was about 860 billion Indian rupees ($11.84 billion), the government said in a circular.

 

($1 = 72.6050 Indian rupees)

(Reporting by Abhirup Roy; Editing by Euan Rocha)

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First Published: Sep 26 2018 | 7:30 PM IST

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