India to rethink nonessential import rules after $28.4bn trade deficit
Business
India is rethinking its rules on importing nonessential goods after the rupee dropped to a record 96.5 to the dollar and the trade deficit jumped to $28.4 billion in April.
The government is set to meet next week to discuss ways to shrink the import bill, boost local manufacturing, and handle challenges from global tensions.
Officials consider taxes, limits on imports
Officials are considering higher taxes or limits on items that can be made in India, aiming to protect jobs and keep money in the country.
Commerce Minister Piyush Goyal put it simply: "avoid bringing in products that can be sourced domestically."
Recent moves like raising gold import duties show the push to support homegrown industries while keeping essential supplies steady.