Heavy Industries Minister Praful Patel appears to be running with the hares and hunting with the hounds.After making a pitch for increased protection for the domestic power equipment sector, and even getting the Reserve Bank of India to withdraw external commercial borrowing facilities in Yuan to help stop the flood of cheap China-made power generating equipment, he has now switched tracks.He wants the Government to now decrease the total import duty on power equipment to 14 per cent from 21 per cent. As a sop to local manufacturers – dominated by Government-owned companies which actually fall under his Ministry – he has also sought full ‘deemed export’ benefits to be extended to domestic power equipment manufacturers.
Source : The Hindu Business line
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