The Indian government has slashed import duties on a number of steel items by 7.5 per cent to provide relief to Micro, Small, and Medium Enterprises hit hard by the high cost of raw materials.
The Finance Minister, Nirmala Sitharaman, made this known in a speech on India’s 2021/22 budget.
She added that the anti-dumping and countervailing duties had also been revoked on certain steel products.
“MSMEs and other user industries have been severely hit by a recent sharp rise in iron and steel prices. Therefore, we are reducing Customs duty uniformly to 7.5 per cent on semis, flat and long products of non-alloy, alloy and stainless steels.
“To provide relief to metal re-cyclers, mostly MSMEs, we are exempting duty on steel scrap till March 31, 2022. We are also revoking ADD and CVD on certain steel products,” the minister stated.
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