Monday, Apr 22, 2002
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According to the chamber, all that was needed to achieve the suggested average tariff rate was to correct the inverted duty structure by reducing the duties on the inputs and raw material to make the industry more cost efficient. Other steps that would help include the retention of a higher bound rate on finished products to provide incentives and protection to domestic industry besides introduction of VAT at the earliest. It has also favoured maintenance of the tariff peaks in relation to some items of concern to the country, especially from the view point of the country's sovereign security. This suggestion has been made on the basis of an analysis of India's trade with Australia, Canada, the European Union, Japan, and the United States which revealed that Indian exports face tariff peaks in some sectors, including textile and textile products, plastic and rubber goods, chemical and chemical products, plant and machinery and transport equipment. Even as it asked for pruning of the list of sensitive items, ASSOCHAM said that India should keep the items under spices, leather and textiles in the list of sensitive items. In all other cases, the bound rates of industrial tariff could be fixed at a level close to the applied rates.
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