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[11] [12] A COVID-19 Economic Response Task Force was also formed. [13] [14] The COVID-19 Economic Response Task Force was tasked with formulating and implementing policies and measures to minimize the economic impact of the pandemic on various sectors in India. Union and state governments set up national and state helpline numbers. [15]
India plans to impose higher trade barriers and raise import duties on around 300 products from China and elsewhere, two government officials said, as part of an effort to protect domestic businesses.
By the first half of June 2020, India's fuel demand was 80–85% of what it was before the lockdown. However the Indian oil minister said that it would take a much longer time for the growth in demand to be restored to pre-COVID-19 levels. [225] Oil prices dropped sharply in 2020 following the COVID-19 pandemic. Demand also fell sharply.
Prime Minister Narendra Modi chairing a video conference with the state Chief Ministers on May 11, 2020. The Indian state governments have responded to the COVID-19 pandemic in India with various declarations of emergency, closure of institutions and public meeting places, and other restrictions intended to contain the spread of the virus.
India will cut gas pipeline tariffs for areas far from gas injection points as the nation seeks a cleaner fuel-led industrial development across the country, an official at the Petroleum and ...
India’s car market has enjoyed robust growth in recent years, first overtaking Germany in 2021 as the world’s fourth largest before edging out Japan last year for the third spot.
Protective tariffs are among the most widely used instruments of protectionism, along with import quotas and export quotas and other non-tariff barriers to trade. Tariffs can be fixed (a constant sum per unit of imported goods or a percentage of the price) or variable (the amount varies according to the price).
The former president, who has threatened tariffs on several countries as part of his “America First” approach, ended preferential trade status for India during his first term in 2019.