Indian customs duties cut on several products
The Indian government has cut customs duties on 11 industrial product categories — including cement and steel — in a bid to stave off inflation before several key state elections, the Economic Times of India reported Monday.
The high customs duties, in some cases, have been reduced from 12.5 percent to 7.5 percent.
'Interestingly, the custom duty cuts come at a time when the government is busy preparing the budget,' the report said. 'Usually, it does not tinker with tariffs closer to the budget.'
But rising inflation is key states that border the New Delhi capital region may have influenced the decision, the newspaper reported.
