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Budget 2020 – Focus will be on Make in India

In order to promote Make in India in the budget presented on February 1, the government may increase the import duty on more than 300 items. According to sources, these will mostly include products from sectors such as paper, tires, chemical, footwear. According to sources, there will be a glimpse of Make in India in the budget.

In the budget, import duty on chemical, footwear, paper, tires can increase up to double. The Commerce Ministry recommends increasing duty on these. According to sources, it is proposed to increase the import duty on rubber tires by 40 percent. Currently, rubber tires incur 10-15% import duty. Similarly, import duty on footwear is possible from 25% to 35%.

At the same time, double import duty is possible on coated paper, paper board. Duty on paper industry raw material wood pulp may be reduced to boost domestic industry. At the same time, double import duty on chemical products is being considered. This has been largely agreed upon in the Ministry of Finance and Industry. The Industries Minister had given similar indications 2 days ago.