economy | IST

ACs, fridges and washing machines to get costlier as government raises import duty to cut current account deficit

Aimed at narrowing Current Account Deficit (CAD), the government on Wednesday raised import tariffs on 19 "non-essential items."
AC, fridges and washing machines prices will increase as the government raises import duty to cut CAD.
Earlier this month, the government had decided to relax norms for raising overseas borrowing and impose restrictions on the non-essential imports as part of efforts to check rising CAD amid falling rupee.
“To address the issue of expanding CAD, the government will take necessary steps to cut down non-essential imports and increase exports. The commodities of which imports will be cut down will be decided after consultations with concerned ministries and will be WTO-compliant,” said finance minister Arun Jaitley.
The changes in rates of basic customs duty (BCD) will be effective from September 27, 2018 (i.e., midnight of September 26/September 27, 2018).
Here is the list of 19 items:
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