Retaliatory tariff on European Union: India to firewall local biz

India is conducting a “careful assessment” to finalise products that may attract higher retaliatory import tariffs from the European Union (EU), said a person privy to the development.

 

The government’s policy decision aims to avoid hurting the local industry by imposing higher import duty on key raw materials or intermediate goods from the trade bloc. Instead, it will consider imposing a higher duty on finished goods.

 

“We need to ensure that the local industry is not hurt by making import of critical items more expensive. That will be counterproductive,” the person cited above told Business Standard.

 

The development comes in