CII for continuing 10 per cent peak rate of customs duty

New Delhi, Feb 22: Indian industry has pitched for continuation of the 10 percent peak rate of customs duty in its pre-budget recommendations to the fince ministry ahead of the union budget for the next fiscal due on February 29. “The Confederation of Indian Industry recommends continuation of the 10 percent peak rate of customs duty for 2016-17 to provide protection to indigeneous industry, which suffers from certain disadvantages like higher rate of interest and power, among others,” CII said in its memorandum. Noting that many goods attract “nil” or concessiol duty under free trade agreements (FTAs) signed by India, CII said these make it difficult for manufacturers to compete. (IANS)