Indians Demand Tax Cuts To Deal with Coronavirus
NEW DELHI - A huge demand is now being put forward by Indian businesses to cut import duties on mobile parts, antibiotic drugs, and other objects to better cope with the global effects of the coronavirus outbreak. The outbreak has disturbed supply chains and exports from China, industry leaders said.
For India, Chinese imports are the biggest reservoir of common goods, worth $30 billion a year. The Indian finance minister Nirmala Sitharaman said her government will publish proposals in the following days. More than 200 industry directors met with the finance minister to evaluate the damage from the outbreak.
The coronavirus outbreak, with a death toll of 1,800 has disrupted Chinese exports to other countries. “India depends China for about 65-70% of active pharmaceutical ingredients and nearly 90% of mobile phone technology,” reported an Indian Chamber of commerce official.
Moody’s decreased its financial growth projection for India to 5.4% for 2020 from an initial figure of 6.6%, and to 5.8% for 2021 from 6.7%.