Question
Download Solution PDFThe main objective of safeguard duty is
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is To protect the indigenous industries
Key PointsImports - An import is an item or service that is purchased outside of its nation of origin. International trade is made up of imports and exports.
A country has a negative trade balance, or a trade deficit, if the value of its imports exceeds the value of its exports.
Important PointsSafeguard duty -
- Safeguard Duty is tariff barrier imposed by government on the commodities to ensure that imports in excessive quantities do not harm the domestic industry.
- It is mainly temporary measure undertaken by government in defence of the domestic industry which is harmed or has potential threat getting hared due to sudden cheap surge in imports.
Thus, The main objective of safeguard duty is to protect the indigenous industries.
Last updated on May 6, 2025
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