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Higher Duty On Imported Footwear Unlikely To Boost Local Industry
A higher customs duty may not boost local manufacturing of footwear but would only make them costlier for consumers.
02 Mar 2020, 06:09 PM IST
India’s increase of customs duty is unlikely to boost local manufacturing of footwear in the world’s No. 2 producer, and is only expected to make flip flops to sneakers costlier for consumers.Finance Minister Nirmala Sitharaman, in her budget for 2020-21, raised import duties on footwear and related raw materials by 10 percent and 5 percent, respectively. While companies agreed that cheap imports of ready products and raw materials d...
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