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Narendra Modi Hikes Import Duty, the Highest in 3 Decades
February 22, 2018
In what’s likely to greatly hurt India’s trade relations with Germany, U.S., etc. and give an advantage to rival nations like China, Prime Minister Narendra Modi has decided to increase the import duties to their highest in the last 3 decades. What’s even more surprising is that it hasn’t even been a month since he declared to the World Economic Forum that India is open for business and backs “free trade”.
Experts believe that Modi’s decision can bring down FDIs in India and become a major impediment in its mission to achieve a double-digit growth.
