India likely to raise import curbs on various items, gold to be spared

New Delhi: India is likely to impose higher import duties on precious stones, certain types of steel and electronics but will spare gold to prevent smuggling, a finance ministry official told reporters on Monday.

The official, who didn`t want to be named, said the main reason for the planned increase in duties was to restrict the inflow of items displaced by an escalating U.S.-China trade tensions. The government is also trying to curb imports of "non-essential" items to support the rupee.