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What is/are the objective(s) of the government behind raising taxes on imports?
Import levies have been raised by the government in order to preserve domestic industries.
Import duties have been hiked by the government in place to bolster homegrown businesses.
To retaliate against foreign countries, the government has increased import levies.
Only (a) and (b)
All of these
Correct Option is Only (a) and (b)
Solution:The starting lines of the first paragraph states that the shift in fiscal policy is part of a gradual shift away from market orthodoxy that has characterized the government's economic policy in recent years. In order to safeguard and promote the indigenous industry, the government has imposed taxes on various imports. Thus, we can infer that only (a) and (b) are correct. While statement (c) is incorrect based on the information provided.
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