Get ready to pay more for imported consumer goods

Get ready to pay more for imported consumer goods
If the government has its way for curbing the current account deficit (CAD), then you will have to pay more for imported consumer goods which includes things like luxury cars, mobile phones, tablets, laptops, televisions, etc,.

According to media report, officials are mulling over the idea of raising duty as they plan to target imports for curbing deficit while exports may continue to remain sluggish till global economic conditions improve.

Finance ministry officials told Economic Times that government may also bring further measures to curb imports of gold. India's CAD stood at USD 88 billion or 4.8 per cent of GDP, which is almost double of what the government plans to achieve.

At present, while the mobile phones attract import duty of 6 per cent, tablets, computers and laptops attract 12 per cent duty. Chidambaram had raised the duty on mobiles worth over Rs 2,000 to 6 per cent from 1 per cent in the latest Union Budget. Moreover, the FM has also doubled the gold import duty in the last six months—from 4 per cent to 8 per cent.

The value of imports of computers, laptops and palmtops has risen from USD 550 million in 2009-10 to USD 1.6 billion in 2012-13.

Read more about: cad, imported goods
Story first published: Monday, July 22, 2013, 9:21 [IST]
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