India is likely to lower tariffs on a range of items including high tariff products such as cars, whiskey and machinery items for the first time under the free trade agreements (FTAs) with developed economies and is moving away from looking at tariffs as a source of revenue during negotiations, a government official said.
This comes amid internal consultations between the finance ministry and the commerce ministry to assess the impact of the major duty reductions that could be announced as part of the FTAs. India is currently negotiating FTAs with the UK, the European Union(EU), Australia and Oman, and India could lower duties on goods and services sharply.
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