The Indian government has increased import duties on 19 products to an average of 14% from 9%. That’s part of a broader policy to try an trim the widening current account deficit resulting from an increase in the trade deficit to $168 billion in the 12 months to August 31 from $103 billion in 2016. The targeting of luxury items is designed to reduce the regressive nature of the tariffs. In aggregate imports of the products covered were worth $7.2 billion in the 12 months to June 30, or just 1.5% of total imports. The largest products targeted are air conditioners ($2.1 billion) and gemst...