Even an import duty of up to 40% on foreign luxury goods into India has not kept most Western luxury retailers out of the market.

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When businessmen complained about an import-duty surcharge of 8%, which was supposed to help them but instead pushed up their costs of production, he halved the surcharge.

ECONOMIST: India

An excise tax was shelved this week, although a higher import duty was left in place.

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For example, you didn't mention that the recent interest-rate rise on January 31st followed both an unexpected increase in the cash reserve ratio by the central bank and cuts to import duty on several items by the government in order to check inflation.

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