07 February, 2020
2 Min Read
Syllabus subtopic: Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development and Employment.
Prelims and Mains focus: about import tariff regime in India; amended proposed to it and its implications
News: Some of the budget proposals have the potential to revive the import substitution regime of the pre-1991 liberalization era. The old regime, which sought to protect domestic industries, bred an uncompetitive manufacturing sector. Mint explains the pitfalls of protectionism.
Tariffs in India vis-a-vis other countries
At 11.7%, India’s weighted average tariff is much higher than that of South Korea, the US and Japan. India was also way behind these countries in terms of machinery and transport equipment exports.
How are import tariffs expected to change?
Will duty hikes push up domestic prices?
Will there be unintended consequences?
Yes. Empowering government officials to take decisions on individual items raises the scope for corruption and policy errors. The outdated items on which customs duty has been withdrawn include CD writers, MP3/MP4/MPEG 4 players, and pre-recorded and audio cassettes. This also affects cassettes used by blind students and CDs used for educational purposes.
Will officials get more power and control?
Will the economy turn more competitive?
India is now ranked 38th out of 139 nations in the Logistic Performance Index (LPI) 2023 of the World Bank. From its previous rankings of 44th in 2018 and 54th in 2014, this is a notable improvement. Earlier, the Logistics Ease Across Different States (LEADS) Report 2022 was published by the Ministry of Commerce and Industry. About Logi
Airports discovered more than 63% of this illegal gold. The Department of Revenue Intelligence recently conducted the Golden Dawn Operation across India, seizing 101.7 kg of illegal gold valued at Rs 51 crore. Despite the fact that India receives a legal import of about 800-1,000 tonnes of gold each year, the illicit market is thought to be
Both parties expressed satisfaction with the ongoing bilateral defence cooperation at the 8th India-Thailand Defence Dialogue, which was held in Bangkok, Thailand. Cultural ties and mutual cooperation that have been shaped by thousands of years of lasting historical and cultural ties characterise India and Thailand relations. Highlight
The Kerala government's appeal of the order of the Kerala High Court is rejected by the Supreme Court. The Kerala government's appeal against the Kerala High Court's directive to move Arikomban (Wild Elephant), the "rice tusker" of Munnar, to the Parambikulam tiger reserve was recently dismissed by the Supreme Court.
Global Buddhist Summit In order to improve diplomatic and cultural ties with other nations, the Ministry of Culture recently organised the First Global Buddhist Summit 2023 in collaboration with the International Buddhist Confederation (IBC). About the summit "Responses to Contemporary Challenges: Philosophy to Praxis" is
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