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India raises import taxes in move set to spook some foreign firms

India raises import taxes in move set to spook some foreign firms

Sunday, February 2, 2020, 12:21 PM

India raised taxes on imports of goods such as electronic items, toys and furniture, aiming to give impetus to domestic manufacturing in a move that will hit Sweden's IKEA and other foreign firms. The measures, announced by Finance Minister Nirmala Sitharaman in her 2020-21 budget, come amid criticism from some companies that India has increasingly resorted to protectionist rules that discriminate against foreign companies.
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