In a major liberalisation of imports, the Union commerce ministry is expected to shift around 300 items from the restricted and negative list to the open general license (OGL) list.
The move is likely to boost the premium on the special import license (SIL), which has been hovering around 11.5-12 per cent. However, the final effect on the premium will depend on how many items are moved from the restricted to the SIL list.
Ministry sources said the move is expected towards the end of this month as part of an overall exercise to ease quantitative restrictions on imports. India is due to lift all restrictions gradually in accordance with her obligations to the World Trade Organisation (WTO).
Speaking to Business Standard, Union commerce minister B B Ramaiah said India could not agree to phase out all import curbs in less than six years. He said the real issue now was removal of curbs on specific sensitive items
