India is preparing to dramatically lower import duties on European-made cars, marking its most significant step yet toward easing protection in the auto sector as negotiations with the European Union near a breakthrough on a free trade agreement.
New Delhi may quickly bring down levies — which currently run as high as 110% — to around 40% for a select batch of higher-value vehicles priced above €15,000, Reuters reported. This may be further cut to 10% over time, according to the report.
