Looks like the Indian government is finally giving luxury goods companies some scope for good business. At the recent HT Luxury Conference in New Delhi, Commerce & Industry minister Kamal Nath said the Indian government is open to reducing duties on the import of luxury goods without affecting the domestic market. "If the industry comes up with some items on which duties can be brought down without hurting the local industry, we will be happy to look at it," said Nath.
India has high tariffs on imports of items like textiles and leather products because it does not want cheap imports from countries like China to swamp the local market. However, Nath said India is willing to give luxury goods makers some relief on high duties by possibly implementing the tariff model applicable to wines and spirits, where products of high value are subjected to lower duty.
Source: Economic Times
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