For Quick Alerts
For Daily Alerts

Govt Proposes More Import Curbs To Strengthen Battered Rupee, CAD


In order to provide some relief to ailing rupee, which has lost over 14% in value so far this year, and curb ballooning current account deficit, the Indian government is mulling over a proposal to hike import duty on an array of items including plastic, steel, mobile phone parts, furniture, chemicals etc. On September 26, the government increased import duty on 19 non-essential items including ATF.

Govt Proposes More Import Curbs To Strengthen Battered Rupee, CAD

As per the leading business daily report, the prime minister's office is deliberating to hold a meeting as early as this week in New Delhi to work out measures to curb a rise in trade deficit. In accordance with the RBI's latest data, trade gap widened to 2.4% of the GDP as against 1.9% reported for the quarter ended March.

Other measures such as relaxation in some overseas borrowing procedures also failed to provide respite to the sagging rupee which in today's session reached a new record low of 74.46 per US dollar, but later recovered due to dollar weakness and decline in crude oil price.

The currency is likely to touch 75 per dollar mark by year-end.

Read more about: rupee cad import tariffs
Story first published: Thursday, October 11, 2018, 17:22 [IST]
Company Search
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more