💨 Abstract

The World Bank report suggests India should lower import tariffs and simplify customs procedures to boost foreign investment and trade. High tariffs and non-tariff barriers increase trade costs and limit imports/exports. The U.S. has criticized India's high tariffs, with Trump planning reciprocal tariffs on all countries imposing duties on U.S. goods. India has recently reduced tariffs on high-end motorcycles and bourbon whisky.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖