New Delhi: The government is considering cutting the customs duty on critical induction cooktop components to boost domestic manufacturing and address the price hike amid the West Asia crisis, an official said.
The commerce and industry ministry has also recommended reducing the GST on these cooktops from 18 per cent to 5 per cent to improve affordability, the official said.
The crisis has disrupted the movement of ships carrying oil and gas through the Strait of Hormuz, raising concerns over cooking gas supplies and prompting people to rush to buy induction heaters and compatible utensils.
Stakeholder consultations were held by the Department for Promotion of Industry and Internal Trade (DPIIT) in coordination with the Department of Commerce and the Ministry of Power to address demand- supply challenges in the induction cooktop sector and assess immediate measures required to stabilise supply and prices.
Please visit our youtube channel https://www.youtube.com/@ikargos2719 for fortnightly logistics news analysis and more!