“Budget’s tariff changes fix optics.”

• India’s peak custom duty rate is 70%, but import duties on top 30 U.S. exports are minimal, ranging from zero to 7.5%.

• Central Board of Indirect Taxes and Customs chairman Sanjay Kumar Agarwal suggests rationalizing tariff rates to correct negative optics and signal India as a low-tariff country.

• Indian officials have prepared a fact-sheet detailing tariffs on key U.S. products, some of which have been slashed in the Budget.

• Finance Secretary Tuhin Kanta Pandey reveals the government is reviewing India’s customs duty structure to rationalize it, stating that the average tariff has come down to 10.6%.