You are here

In free trade U-turn, Modi raises India's import duties

He has made it more expensive to import parts for cars, cameras, televisions, electricity meters, smartphones

BT_20180216_NAHTRADE16_3312904.jpg
As he prepares to seek re-election next year, Mr Modi has been ensnared by a global wave of protectionism that could threaten the foreign direct investments India needs to achieve double-digit growth.

Mumbai

LESS than a month after he declared to the World Economic Forum that India was open for business, Prime Minister Narendra Modi has raised import duties to their highest in three decades, setting the stage for a protracted trade war.

As he prepares to seek re-election next...

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes