India's Evolving Tariff Policy: Boosting Trade and Protecting Industries

Commerce and Industry Minister Piyush Goyal announced India's tariff policy focuses on regulating trade, protecting domestic industries, and generating revenue. The nation is moving towards free trade agreements, reducing barriers, and encouraging new opportunities in bilateral trade, particularly with the U.S., while safeguarding against excessive imports.

The Indian government's tariff policy is designed to regulate trade, protect domestic industries, and generate revenue through taxes on imported and exported goods, according to Commerce and Industry Minister Piyush Goyal.

Speaking to the Lok Sabha, Goyal emphasized that India is increasingly embracing free trade agreements, aiming to reduce or eliminate customs tariffs and non-tariff barriers, thereby enhancing international competitiveness. He noted that lowering tariffs on inputs and intermediate goods boosts manufacturers' competitiveness.

Minister of State for Commerce and Industry Jitin Prasada added that the government is engaging with the U.S. to expand bilateral trade ties and is monitoring imports to safeguard domestic industry under WTO rules amid rising imports from nations like Mexico, China, and Canada.

(With inputs from agencies.)