Govt May Curb Non-Essential Imports

Besides announcing a number of measures to shore up the rupee and control the current account deficit (CAD), the government has indicated that it may soon curb non-essential imports. Some of the steps announced following a recent meeting chaired by the Prime Minister to review the state of the economy include scrapping withholding tax on
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NEW DELHI: The Government will “very soon” implement the second set of measures including curb on imports of non-essential items to shore up rupee to 68-70 level against the US dollar, Economic Affairs Secretary Subhash Chandra Garg said, terming the about 12% slide in the currency as a temporary phenomenon. The Government had earlier this
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