Latest News | India's Tariff Policy Aims to Regulate Trade, Protect Industries, Generate Revenue: Goyal

New Delhi, Apr 1 (PTI) Commerce and Industry Minister Piyush Goyal on Tuesday said the country's tariff policy aims to regulate trade, protect domestic industries, and generate revenue through taxes on imported and exported goods.

In a written reply to the Lok Sabha, he said with the changing trade scenario, India is moving towards having free trade agreements wherein customs tariffs and non-tariff barriers are reduced or eliminated on substantial trade.

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"India's tariff policy aims to regulate trade, protect domestic industries, and generate revenue through taxes on imported and exported goods," he said.

Goyal added that lowering tariffs, especially on inputs and intermediate goods, helps enhance competitiveness of manufacturers.

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"India's tariff reductions aim to stimulate domestic manufacturing and improve international trade competitiveness," he added.

In a separate reply on India-US trade, Minister of State for Commerce and Industry Jitin Prasada said the Government of India continues to engage with the Government of United States to achieve enhancement and broadening of bilateral trade ties in a mutually beneficial and fair manner.

He also said that the industry is being encouraged to identify new opportunities arising out of the impact of tariffs on the existing supply chains.

"Parallely, the imports are being monitored for appropriate safeguard measures under WTO (World Trade Organisation) rules, if increased imports including from Mexico, China, and Canada cause or threaten serious injury to domestic industry," Prasada said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)