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Customs duty hike to boost domestic production on cards
Sep 24: Expect a customs duty hike in urea
8India has imported around 22% of its urea requirements during FY19 (April-July) and aims to eliminate urea imports completely by 2021.
8The argument is that an increase in the basic customs duty could discourage further imports of urea and help pick up pace for domestic production.
8Urea manufactures are also encouraged and incentivized to produce urea beyond reassessed capacity under the New Urea Policy.
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