Customs Duty to be Structured to Promote Domestic Industry: FM

Finance Minister Nirmala Sitharaman's bill proposes a restructured customs duty framework to bolster the domestic industry. The legislation aims to enhance local manufacturing by adjusting import duties and implementing supportive measures. It focuses on making domestic products more competitive by reducing the cost differential between imported and locally produced goods. The bill also introduces provisions for the simplified customs procedure and better enforcement to ensure compliance. This reform is expected to aid in the growth of domestic industries and encourage more investment in local production capacities.