FM Nirmala Sitharaman underscores the government’s focus on reducing trade barriers and fostering domestic production

Union Finance and Corporate Affairs Minister Nirmala Sitharaman today emphasised India’s ongoing efforts to reduce duties and enhance self-reliance during her address at the International Customs Day Celebration 2025, held at the Nhava Sheva Port in Mumbai.

She said that in the current context, ensuring “atma nirbharta” (self-reliance) has been crucial for the country’s economic growth. She underscored the government’s focus on reducing trade barriers and fostering domestic production.

The finance minister highlighted the steps taken in the current budget to further this goal including cutting down on duties. This reduction, she explained, is part of a strategic effort to strengthen India’s economic independence and position the country as a global leader in trade.

Ms Sitharaman also addressed the role of the Central Board of Indirect Taxes and Customs (CBIC), calling on the organisation to set an example in global customs. She said CBIC should lead the way to show the World Customs Organization (WCO) that we are on the top both in terms of performance and in the ways which are futuristic to make sure the global customs world can learn from



us.

Lauding the performance of the Customs Department during the Covid pandemic, she said the department should ensure that smuggling is not just stopped but prosecution happens and brains behind these smuggling are tracked.

On the occasion of the celebration of International Customs Day, the finance minister also launched Anubandh’ – e-Bond and e-BG facility, VEGA (Vision for Expeditious Goods release on Arrival), unveiled a digital customs manual and a memorabilia to commemorate India’s unwavering commitment to international customs cooperation, a symbol of trust, collaboration, and shared responsibility.

Under VEGA, AEO (Authorised Economic Operator) entities will be extended the facility of directly moving their import cargo to their premises, where the examination of cargo will be done. Under, ‘Ekal Anubandh’ – e-Bond and e-BG facility, the requirement of manual submission of transaction-based bond at each port will be replaced with All-India Multipurpose Electronic Bond/ Electronic Bank Guarantee. 20 Customs officers who performed exceptionally well were also honoured on this occasion.