'Import duty hikes can be counter-productive'

摘要

The recent government move to raise import duties on a host of products in a bid to contain current account deficit (CAD) can be counter-productive and doesn't augur well for the economy, eminent economist and former vice-chairman of Niti Aayog Arvind Panagariya has cautioned. The government and the central bank, however, have done the right thing by just managing rupee volatility instead of turning extra aggressive in their defence of the domestic currency that recently breached the 74-mark against the dollar before pulling back.