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India proposes to raise import duty to protect steel industry

India's Steel Ministry has proposed raising the customs duty on finished steel imports to 15% from the current 7.5%.

India proposes to raise import duty to protect steel industry

The proposal will be included in the Union Budget, which the Indian government plans to present to Parliament in February next year. The increased customs duty is planned to protect domestic steel producers.

In addition, India's Directorate General of Foreign Trade (DGFT) has launched an investigation into imports of finished steel from China in a bid to control imports. As part of the investigation, the DGFT is also likely to impose a 25% safeguard duty for a certain period of time. If these proposals are implemented, imported steel will be more strictly inspected to protect the local industry.

Record Increase in Steel Imports

As of April-November 2024-25, India's finished steel imports increased by 26.6% to 6.5 million tons, compared to the same period of the previous fiscal year. This marks the highest level in the last 8 years. Steel imports from China, in particular, showed a remarkable rise, up by 22.8% to 1.96 million tons in the same period.

The Indian government aims to control imports to prevent this increase from harming the local steel industry. The new tariffs and safeguard duties are aimed at supporting India's steel producers and ensuring the sustainability of the local industry.

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