India's tariff policy aims to balance trade regulation, protect domestic industries: Jitin Prasada

India's tariff policy aims to regulate trade, protect domestic industries and generate revenue through taxes on imports and exports, Jitin Prasada, minister of state for commerce and industry, told parliament on Tuesday.

Referring to NITI Aayog's statement on tariff reduction being necessary for India's economic growth, he said during the Question Hour in Lok Sabha: "The statement is in line with India's broader strategy for achieving economic growth and making India a more attractive player in the global economy."

The minister also said that the government has initiated comprehensive tariff reforms to correct inverted duty structures wherein import duties on raw materials exceed those on finished products.


'"Recent reforms have focused on streamlining the tariff structure and facilitating trade," he said, adding that with the changing trade scenario, India is moving towards having preferential/free trade agreements wherein customs tariffs and non-tariff barriers are reduced or eliminated on substantial trade between the trade pact members.