Why in news?
In budget 2015, Finance Minister Arun Jaitley said that "Duty Inversion" will be corrected.
So what is it?
Where was it happening?India's free-trade pacts (FTAs) with Japan, South Korea and the 10-nation ASEAN have been blamed for the inverted duty structure.
Significance:
In budget 2015, Finance Minister Arun Jaitley said that "Duty Inversion" will be corrected.
So what is it?
- -the import tax on finished products is lower than that on parts,
- -affects the competitiveness of local manufacturers.
- -for example, importing components of LED TV costlier than importing LED TV.
- So, domestic industries fail to compete.
Where was it happening?India's free-trade pacts (FTAs) with Japan, South Korea and the 10-nation ASEAN have been blamed for the inverted duty structure.
Significance:
- as proposed in the budget, will give a big boost to the Make in India campaign and promote quality and competitive local production.
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