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India's import duty has dropped from a peak of 355% in 1991 to an average of about 10.66% today, with the government now aiming for single-digit rates. This guide explains how customs duty is calculated, and how recent changes to Budget rules, gold, solar and steel duties, and new FTAs affect MSMEs, importers, e-commerce sellers and consumers.
The way in which India conducts its imports is based on the Foreign Trade Policy (FTP) 2023, the Customs Act of 1962, and an increasing number of compliance rules—these include BIS certification, the Paper Import Monitoring System (PIMS), anti-dumping duties, and Legal Metrology labelling. Taken together, these factors determine how easily and at what cost a business can introduce goods into India—whether or not it is a direct importer from China buying pens for a small stationery brand or a listed manufacturer such as DOMS Industries.
India's Micro, Small and Medium Enterprises (MSMEs) rely significantly on Chinese manufacturing for raw materials, components, machinery, and finished goods. The following insights and data illustrate the extent of this dependence and its implications for Indian businesses.