The Society of Indian Automobile Manufacturers (SIAM) has urged the Indian government to increase import duties on commercial tractors and prime movers to 40%. SIAM claims current low duties allow cheaper imports from China, threatening domestic manufacturers' investments in new technologies and EV tractors.
A recent 15% hike in India's gold import duty has led to a surge in smuggling, with illicit gold sold at discounts of up to Rs 10 lakh per kg. This creates a significant price gap, incentivizing grey market operators and mirroring a similar trend seen in 2013.
China will soon impose a 55% import duty on Australian beef as shipments approach an annual quota. The tariff adjustment will take effect three days after the 205,000-tonne quota is surpassed.
Indian textile manufacturers are demanding the abolition of an 11% import duty on raw cotton due to a 25% price surge and a projected 10% production shortfall. They face competition from countries with duty-free imports.
India's recent hike in import duty on gold and silver to 18.45% may initially reduce jewellery sales volumes, but demand is expected to remain strong due to gold's cultural and investment significance. Consumers may opt for lighter jewellery, while the government aims to conserve foreign exchange and boost domestic gold recycling.
Silver prices in India jumped 8% on May 13, 2026, after the government increased customs duty from 6% to 15%, compounded by global geopolitical tensions and inflation concerns, potentially impacting consumer demand and supporting the rupee.
India's gold import duty hike from 6% to 15% triggers price surge in MCX, IBJA, ETFs, and jewellery. Experts advise existing investors to hold gold as an inflation and uncertainty hedge, while new investors should opt for staggered buying.
Gold and silver prices surged domestically following India's sharp increase in import duties to 15%. Analysts expect prices to align with international levels as the market absorbs the changes, with a constructive long-term outlook for gold and strong potential for silver.
India increased import duties on gold and silver to 15% from 6% to curb rising imports, conserve foreign exchange, and ease pressure on the rupee amid the West Asia crisis.
India's increased import duty on gold and silver to 15% may reduce jewelry demand by 10-15% for a year, with consumers opting for lighter jewelry, according to Senco Gold's MD Suvankar Sen, as the move aims to conserve foreign exchange reserves amid global uncertainty and Middle East conflicts.
India's leather and footwear sector is grappling with a 40-60% surge in input costs due to the Middle East crisis. The industry is petitioning the government for import duty exemptions on critical raw materials, machinery, and components to mitigate these rising expenses.
