A protectionist turn: Customs duty hike in Budget 2018 is a step backwards

What is unfortunate is that the hike comes at a time when the rest of the neighbourhood is close to concluding CPTPP

One of the more questionable changes brought about by the Union Budget was the decision to raise import duties on over 50 items. While introducing it, Finance Minister Arun Jaitley admitted that he was making a “calibrated departure from the underlying policy in the last two decades”. The move is aimed at providing a boost to the government’s flagship Make in India programme, and help the micro, small and medium enterprises, which can create a substantial number of jobs. It is also expected to yield Rs 60 billion in revenue in the coming financial year. Each of these objectives is