Budget 2023 may see a customs duty hike for a slew of non-essential items. As per an economic times report, a list of 35 items has been drawn up by the govt and are being examined for a possible hike in customs duty. Private jets, helicopters, high-end electronics, jewellery are some of the items that could become costlier.
One of the main reasons behind this move is to curb imports and encourage local manufactuing, giving a boost to 'Aatmanirbhar Bharat' initiatives. In fact, import tariffs on a number of items have already been hiked in the past few years to support such initiatives.
As per the economic times report, India's current account deficit reached a 9-year high of 4.4% of GDP for the July to Sept 2022 quarter.