New Delhi: India will soon announce steps to boost exports, while not ruling out further import curbs, a senior finance ministry source said on Thursday.
India on Wednesday raised import tariffs on 19 “non-essential items", in a bid to reduce a widening current account deficit and tackle a dramatic slide in the rupee.
The finance ministry expects the tariff hike, on goods including air conditioners, refrigerators, footwear and aviation turbine fuel, will raise ₹ 40 billion ($551 million) annually, the source, who declined to be identified, told reporters.
Another senior finance ministry official earlier added the ministry saw no impact on Indian airlines from its decision to impose a 5% import duty on jet fuel, after shares of companies including Jet Airways fell on Thursday.
The first source said the finance ministry expects robust economic growth despite the fall in the rupee and rising crude oil prices, but would need to conserve its foreign exchange reserves.
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.