GET Stock QuotesNews18 APP
News18 English

Madhya Pradesh

Rajasthan

Poll in 1 seat deferred

Chhattisgarh

Telangana

Mizoram

»
1-min read

Phones, Smart Watches to Get Costlier from Today as India Raises Import Tariffs to Bolster Falling Rupee

The tariff hike, the second such move by India in a two week span, was announced late on Thursday by New Delhi as it attempts to raise import barriers to curtail the import of goods it deems as "non-essential" items.

Reuters

Updated:October 12, 2018, 3:06 PM IST
facebookTwittergoogleskypewhatsapp
Loading...
New Delhi/ Mumbai: India said on Thursday it will raise import tariffs on several electronic items and communication devices, in another move to rein in imports and bolster a falling rupee.

The tariff hike, the second such move by India in a two week span, was announced late on Thursday by New Delhi as it attempts to raise import barriers to curtail the import of goods it deems as "non-essential" items.

The latest set of increased tariffs could ratchet up trade tensions with the United States and China, among other countries and hurt the likes of network equipment makers such as Cisco Systems Inc, Huawei Technologies Co, ZTE Corp, Ericsson, Nokia and Samsung Electronics.

The gambit is part of a plan to contain a slide in the rupee, which has weakened more than 14 percent against the U.S. dollar this year, hit by an rout in emerging markets and other domestic factors such as a widening current account deficit.

It was not immediately clear how much of a tariff increase is being levied on each specific item, but the Indian government listed several items that could be impacted including wearables like smart watches, Voice over Internet Protocol equipment and phones, and ethernet switches, among other items.

The plan, which becomes effective on Friday, will potentially also hurt Indian telecoms carriers such as Reliance Jio Infocomm, Bharti Airtel and Idea, said Neil Shah of tech research firm Counterpoint.

"This will slow down the roll out of high-speed broadband which uses optical fibre and LTE networks," Shah told Reuters, adding however that it could help local telecom equipment makers like Tata Teleservices that manufacture some of this equipment locally.

The move is the Prime Minister Narendra Modi government's latest tilt toward protectionism, as it promotes its 'Make in India' programme.

India announced higher import tax on electronics products such as mobile phones and television sets in December, and then on 40 more items in the budget in February. These included goods as varied as sunglasses, juices and auto components.



Last month, it raised import tariffs on 19 "non-essential items," including air conditioners, refrigerators, footwear, speakers, luggage and aviation turbine fuel, among other items.
(Get detailed and live results of each and every seat of the state Assemblies in Madhya Pradesh, Rajasthan, Telangana, Chhattisgarh and Mizoram to know which candidate/party is leading or trailing and to know who has won and who has lost and by what margin. Our one-of-its-kind Election Analytics Centre lets you put on the psephologist's hat. Know interesting facts and trivia about the elections. Elections = News18)
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 185.25 4.16
Reliance 1,090.65 -0.63
Kotak Mahindra 1,234.30 1.28
Dr Reddys Labs 2,551.10 -6.08
Sun Pharma 428.90 1.56
Company Price Change %Gain
ICICI Bank 348.40 1.65
Yes Bank 185.10 4.34
Reliance 1,090.30 -0.54
Bajaj Finance 2,480.70 2.03
Dr Reddys Labs 2,550.30 -5.87
Top Gainers
Company Price Change %Gain
Hero Motocorp 3,215.80 5.82
Tata Motors 166.05 5.03
Yes Bank 185.20 4.13
Indiabulls Hsg 720.45 3.98
Bharti Airtel 301.00 3.70
Company Price Change %Gain
Hero Motocorp 3,215.70 5.94
Tata Motors 166.00 4.93
Yes Bank 185.25 4.43
Bharti Airtel 300.80 3.69
Tata Steel 517.95 3.26
Top Losers
Company Price Change %Gain
Dr Reddys Labs 2,555.00 -5.93
HPCL 217.70 -1.09
Titan Company 922.90 -1.10
Reliance 1,090.65 -0.63
Bharti Infratel 251.55 -0.63
Company Price Change %Gain
Reliance 1,091.00 -0.47
ITC 274.25 -0.15
Infosys 674.00 -0.04

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results