Overhaul of import tariff structure, customs processes to cut trade costs, boost manufacturing, exports: GTRI

Overhaul of import tariff structure, customs processes to cut trade costs, boost manufacturing, exports: GTRI

Tariffs are no longer a revenue tool, as customs duties now account for just 6% of gross tax revenue and average only 3.9% of the value of imports, it added.

GTRI urges overhaul of tariffs, customs to boost trade

India needs a sweeping overhaul of its import tariff structure and customs administration to cut trade costs, strengthen manufacturing competitiveness and revive export growth, suggests trade-focused think-tank Global Trade Research Initiative (GTRI).

GTRI calls for overhaul of tariff structure, customs to boost India's trade

A new report by GTRI urges India to overhaul its import tariffs and customs administration to boost manufacturing and exports. The think-tank suggests simplifying duties, eliminating complex notifications, and creating a growth-focused customs system. These reforms are crucial as India's trade volume grows and global supply chains shift.