Economics
Rupee Rout Prompts India to Raise Taxes on $12 Billion of Goods
- Import duty raised on 19 items from jet fuel to jewelry
- Curbing imports will help narrow current-account deficit
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India raised customs duties on products ranging from aviation fuel to footwear as it seeks to narrow the current-account deficit and support the rupee.
The taxes on 19 items, imports of which were valued at 860 billion rupees ($12 billion) in the financial year ended March, will be effective Thursday, the finance ministry said in a statement Wednesday.