Sensex 29278.84 272.82 0.94%
Nifty 8835.6 74.2 0.85%
Chinese government said it would keep tariffs low next year for commodities in wide-ranging fields to boost domestic consumption offsetting the impact of falling external demand.
Ministry of Finance, the State Council's tariff committee has finalized next year's tariff scheme, lowering the duties for 730-odd imported commodities to an average of 4.4%, which more than halves the rate enjoyed by Most Favored Nation status under World Trade Organization rules.
Imports listed for low tariffs in 2012 include crucial components and parts used in key industries such as the high-end equipment manufacturing, advanced information-technology products and alternative-energy vehicles. Production materials for agriculture and those related to public hygiene are also included.
In addition, lower tariffs will also be issued for imports that are considered by the government to improve the quality of consumption. Special infant formulas and skin-care products, for example, will receive a tariff cut of 10% and 1.5%, respectively, to 10% and 5%.
Tariffs on luxury goods, on the other hand, are going to remain the same. Currently, the tariff rates on most medium- to high-end goods range from 10% to 25%; those for certain fine wines are as high as 65% of retail prices.
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India Infoline News Service / 09:04, Jan 22, 2015
The outlook is a flat start. The market will look to scale to new peaks though not much effort is needed for the same. HUL saw a rally and short-covering may have pulled it up further. Speculation is on that its parent will raise stake through an open offer. After the cooling in oil prices, Cairn results will be in focus.