More than one lakh retailers across the country will be hit by a three-fold hike in duty, according to toy importers who went on strike on Saturday. In the Union Budget for financial year 2020-21, the government proposed to raise the import duty applicable to toys from 20 per cent to 60 per cent, saying that the step would support micro, small and medium enterprises (MSMEs), and promote local manufacturing.Protesting against the move, the toy wholesalers of the city went on a one-day strike, contending that the import duty hike will result in the closure of businesses and a spurt in unemployment.
Importers Call Strike Against Toy Duty Hike, Say 1 Lakh Retailers To Be Impacted
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