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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.
Effectively applied tariff rates at the six- and eight-digit product level are averaged for products in each commodity group. When the effectively applied rate is unavailable, the most favored nation rate is used instead. WTO: WTO indicators are based on MFN (Most Favoured Nation) tariffs applied by the reporting country/economy. Trade weighted ...
On 15 April 2021, a report in Dainik Bhaskar's Bhopal edition stated that the official number of COVID-19 deaths in Bhopal during the last 5 days were 21, however cremations had taken place for 356 COVID-19 cases. [39] India Today and The New York Times found similar discrepancies in Bhopal in April. [40] [34]
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.
[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’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.
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.
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).