Budget to Boost Local Manufacturing with Customs Duty Overhaul

The government may reduce customs duty on inputs for manufacturing in the forthcoming Budget to boost local production. Experts suggest duty cuts in sectors like electronics, healthcare, and pharmaceuticals. A review aims to simplify the customs duty structure, resolve disputes and support the 'Make in India' initiative.

The government is expected to cut customs duties on manufacturing inputs in the upcoming Budget, aiming to boost local production across industries such as electronics, healthcare, and pharmaceuticals.

Deloitte India's Harpreet Singh highlights planned rate rationalisation and simplification to be tabled in Parliament on February 1, addressing disputes and supporting manufacturing growth.

Experts, including Anurag Sehgal and Sivakumar Ramjee, emphasize the need for streamlined customs duty structures, possibly introducing an amnesty scheme to resolve extensive litigation, impacting Rs 50,000 crore locked in disputes.

(With inputs from agencies.)