Boosting trade

Lower tariffs will improve export competitiveness

Union Finance Minister Nirmala Sitharaman’s decision to reduce Customs duty on about 50 products must be welcomed. It can be seen as a move to shift the focus on increasing India’s external competitiveness. Ms Sitharaman also announced a comprehensive review of the Customs duty structure over the next six months. For now, Customs duty has been reduced or done away with for several products including mobile phones, leather, ferro-nickel, blister copper, and capital goods used in the manufacture of solar cells, modules, and petroleum-exploration operations. Most importantly, 25 critical minerals have been exempted from Customs duty. It