Birkin bags are one of the most sought after luxury items in the world today. But how does it become the Monolith of the luxury goods market? Know all about it here.

Why are Birkin bags so hard to get? Know all about this Monolith of the luxury market

Why are Birkin bags so hard to get? Know all about this Monolith of the luxury goods market

Nepal has banned the imports of luxury items. This comes after the country's Central Bank Governor was suspended. Is Nepal staring at an economic crisis? Molly Gambhir tells you.

Gravitas: Why was the central bank governor sacked in Nepal?

After Sri Lanka, Nepal seems to be staring into an impending economic crisis. the country has put a curb on the imports of non-essential goods, including cars, cosmetics, and gold, after its foreign currency reserves dropped.

Nepal bans imports of luxury items amid dwindling forex reserves

Italian fashion group Prada said on Wednesday sales had recovered sharply in Asia since June after the fallout from the coronavirus pandemic triggered

Sharp sales recovery in Asia | Luxury group hit by store closures | WION

Finance Minister Arun Jaitley on Saturday&nbsp;said that the decision to hike customs duty on mobile phones and other luxury items was taken in national interest.

Speaking to Zee Business, Jaitley said, &ldquo;There are many goods that we make in India. And I don&rsquo;t see any point in not promoting home-made goods. A few years ago, there were a handful of countries which manufactured mobile phones. Today, that number has grown substantially. And many of them are home-grown. But people buy or import phones from abroad, and this is hurting the domestic market. So, our government took this decision of increasing customs duty to promote Make in India.&rdquo;

Also read:&nbsp;<a href="http://www.wionews.com/india-news/this-years-budget-is-popular-and-not-populist-arun-jaitley-31679">This year&#39;s budget is &#39;popular, and not populist&#39;: Arun Jaitley&nbsp;</a>

It&rsquo;s not right to keep importing goods and not promote our own companies, Jaitley said.

While presenting the Budget on Thursday, Jaitley had announced a hike in customs duty on mobile phones to 20 per cent from 15 per cent in a bid to boost local value addition in domestic electronics manufacturing.

Jaitley said he was making a &ldquo;calibrated departure&rdquo; from the usual practice of reduction in customs duties. He said this is being done in view of the &ldquo;substantial potential&rdquo; for domestic value addition in sectors like food processing, electronics, auto components and footwear. The move will lead to the creation of more jobs in the country, Jaitley added.

Also read:&nbsp;<a href="http://www.wionews.com/business-economy/budget-2018-govts-landmark-national-health-scheme-to-be-implemented-from-october-2nd-31610">Govt&#39;s landmark national health scheme to be implemented from October 2</a>

Commenting on the decision, Indian Cellular Association (ICA) National President Pankaj Mohindroo said that this will be the &ldquo;last nail in the coffin&rdquo; of imports.

&ldquo;We are reaching a situation where imports would be nearly impossible,&rdquo; Mohindroo added.

He said since the bulk of mobile phones are manufactured domestically, there will be no impact on their prices. The exception will be a few brands, that are still making phones overseas.

Customs duty on smartwatches and wearables has been doubled to 20%, while specified parts and accessories of mobile phones have seen a duty hike to 15 per cent&nbsp;from the current range of 7.5-10 per cent.

While presenting the Budget on Thursday, Jaitley had announced a hike in customs duty on mobile phones to 20 per cent from 15 per cent

Finance Minister Arun Jaitley on Saturday said that the decision to hike customs duty on mobile phones and other luxury items was taken in national interest. Speaking to Zee Business, Jaitley said, “There are many goods that we make in India. And I don’t see any point in not promoting home-made goods. A few years ago, there were a handful of countries which manufactured mobile phones. Today, that number has grown substantially. And many of them are home-grown. But people buy or import phones from abroad, and this is hurting the domestic market. So, our government took this decision of increasing customs duty to promote Make in India.” Also read: This year's budget is 'popular, and not populist': Arun Jaitley It’s not right to keep importing goods and not promote our own companies, Jaitley said. While presenting the Budget on Thursday, Jaitley had announced a hike in customs duty on mobile phones to 20 per cent from 15 per cent in a bid to boost local value addition in domestic electronics manufacturing. Jaitley said he was making a “calibrated departure” from the usual practice of reduction in customs duties. He said this is being done in view of the “substantial potential” for domestic value addition in sectors like food processing, electronics, auto components and footwear. The move will lead to the creation of more jobs in the country, Jaitley added. Also read: Govt's landmark national health scheme to be implemented from October 2 Commenting on the decision, Indian Cellular Association (ICA) National President Pankaj Mohindroo said that this will be the “last nail in the coffin” of imports. “We are reaching a situation where imports would be nearly impossible,” Mohindroo added. He said since the bulk of mobile phones are manufactured domestically, there will be no impact on their prices. The exception will be a few brands, that are still making phones overseas. Customs duty on smartwatches and wearables has been doubled to 20%, while specified parts and accessories of mobile phones have seen a duty hike to 15 per cent from the current range of 7.5-10 per cent.

Budget 2018: Customs duty hike will give impetus to 'Make in India', says Arun Jaitley

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