CONTENT PREVIEW
Industry

India to waive customs duties for defence imports

08 July 2019
Follow

India's newly elected government announced on 5 July that the defence outlay of INR3.19 trillion (USD46.6 billion) for fiscal year 2019/20, which was first announced in February's interim federal budget, will remain unchanged.

Finance Minister Nirmala Sitharaman, who presented the federal budget to parliament, also said that New Delhi has decided to exempt customs duties on imported defence materiel in an effort to speed up the modernisation of India's armed forces.

In a statement issued later that day the Ministry of Defence (MoD) pointed out that this exemption would add about INR250 billion to the defence budget over the next five years, or an annual supplement of about INR50 billion.

Want to read more? For analysis on this article and access to all our insight content, please enquire about our subscription options at ihsmarkit.com/janes





(134 of 435 words)
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT