Rationalise tariff

25 OCT,2020 | MEDC


 

Policymakers have done well in keeping a sunset date for high import tariffs on electronic products like mobile phones and TVs. Artificial value addition behind high tariff walls is not the right way to bring about India’s sustainable economic development. Further, tariff reduction and elimination is only one side of the picture … the government also needs to introduce innovative industrial and technological policies that will genuinely enable Indian manufacturing to build core competencies. Our exports need to be globally competitive by reaping economies of scale and scope, and that will happen only when progressive policies are in place. We do not need to reinvent the wheel and produce everything locally, but we certainly need to explore some inventive strategies to enhance our industrial competitiveness. What will come to our rescue is enlightened policy and not mere tinkering with the tariffstructure.

*Photo Credit: Google

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