India for the fourth time delayed the limit to impose disciplinary customs duties on 29 US products, including almond, walnut, and pulses, by another 45 days.
According to a notification by the finance ministry, the implementation of the duty hike has been postponed until January 31, 2019.
The commerce ministry had asked its finance complement to extend the deadline further.
In June, India decided to impose disciplinary tariffs from August 4. But it was extended by 45 days till September 18 and then till November 2. In November, the decision to impose these duties was delayed till December 17.
As part of the obligation of higher import duties, New Delhi has notified higher tariffs on several products. While import duty on walnut is to be hiked to 120 percent from 30 percent at present, duty on chickpeas, Bengal gram (chana) and Masur dal will be raised to 70 percent, from 30 percent currently. Levy on lentils will be increased to 40 percent, from 30 percent
The duty hike move by India was in revenge to US President Donald Trump's March 9 decision to impose heavy tariffs on imported steel and aluminum items. ..
Senior officials of India and the US are in negotiations to finalize a kind of trade deal. Both sides are holding two track discussions — to increase trade in the short and medium term, and identify long-term trade potentials.
India is pressing for exemption from the high duty imposed by the US on certain steel and aluminum products, resumption of export benefits to certain domestic products under their widespread system of preferences (GSP), greater market access for its products from agriculture, automobile components and engineering sectors.
On the other hand, the US is demanding greater market access through a cut in import duties for its agriculture goods, dairy products, medical devices, IT and communication items.
India's exports to the US in 2017-18 stood at USD 47.9 billion, while imports were USD 26.7 billion. The trade balance is in favor of India.
Commerce and Industry Minister Suresh Prabhu will hold two-sided discussions on trade issues with US Commerce Secretary Wilbur Ross on February 14 here.
