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Abhirup Roy and Suvashree Choudhury

MUMBAI (Reuters) - India said on Wednesday it is raising import

tariffs on 19 "non-essential items," marking a further tilt toward
protectionism as it tries to reduce its widening current account
deficit and tackle a sharp slide in the rupee.

The new tariff structure, which goes into effect Thursday, will see
the government raise customs duties on items such as air
conditioners, refrigerators, footwear, speakers, luggage and
aviation turbine fuel, among other items.

The move could hit imports from countries like China and South
Korea, which manufacture some of the high-end washing
machines, refrigerators and air conditioners sold in India.

Amid a growing climate of protectionism, India had earlier said it

was contemplating such a move to take pressure off the rupee,
which has weakened by more than 12 percent this year and is
Asia's worst performing currency. Here's The Whopping Amount That Mukesh
Ambani Makes Every Day
HuffPost India
"This is positive news for the rupee given that it will help reduce
Home Mail India's current
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rein in rupee weakness, noting that demand for the high-end goods
is largely price inelastic.

"This is a sentiment booster for the rupee," said SBI Chief

Economist Soumya Kanti Ghosh, adding that the overall impact on Freakonomics: A Rogue Economist Explores the
Hidden Side of Everything
current account deficit will be muted.
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"The central bank needs to intervene more actively in the forex

market to support the rupee. These tariff measures won't help in
the long term," said Ghosh.

The total value of imports of the 19 items in last fiscal year ended
March was about 860 billion Indian rupees ($11.84 billion), the
government said in a circular.

Indian imports in the same period totaled $459.67 billion. New Hyundai Santro Launch Next Month —
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The hike in import duties on the identified non-essential items is DriveSpark

likely to have a modest impact on curtailing the size of the current

account deficit in fiscal 2019. The deficit last stood at around 2.4
percent of GDP, in the April-June quarter, and it is expected to
widen to 2.8 percent for the year ending March 2019.

The latest move could impact companies like South Korean

electronics giants Samsung Electronics Co and LG Electronics Inc,
along with the likes of big name brands such as footwear maker
Nike Inc, luggage maker Samsonite International SA and audio Air travel, AC, fridge to cost more as Centre
hikes import duty on 19 items
products maker Bose Corp.
India Today

The companies were not immediately reachable for comment.

The decision could also sting India's vast gem and jewellery sector
as the government has raised tariffs on imported diamonds and
gemstones, along with increasing tariffs on jewellery items.

The move is the Narendra Modi-led government's latest toward

protectionism, as it promotes its 'Make in India' programme.

India announced higher import tax on electronics products such as

mobile phones and television sets in December, and then on 40
more items in the budget in February. These included goods as
varied as sunglasses, juices and auto components.

Reuters earlier this month has also reported that India's steel
ministry is mulling increasing the effective import duty on some
steel products.

(Writing by Euan Rocha; Editing by Matthew Mpoke Bigg)

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