Safeguard Duty on Steel Imports: Govt Considers Proposal
By Rediff Money Desk, New Delhi Dec 12, 2024 13:45
India's steel ministry is considering a 25% safeguard duty on steel imports to protect domestic players from cheap imports. The move comes as steel imports have surged, particularly from China.
New Delhi, Dec 12 (PTI) The government is considering a proposal to impose safeguard duty on steel imports, Union Steel Minister H D Kumaraswamy said on Thursday.
"The process is going" on the ministry's proposal to impose a 25 per cent duty on steel imports, Kumaraswamy told PTI on the sidelines of an event here.
On December 2, the steel ministry in a meeting with the commerce department had proposed for a 25 per cent safeguard duty on certain steel products imported into the country. The steel minister and Commerce and Industry Minister Piyush Goyal were present in the meeting.
A final call on imposing the duty can be taken by the finance ministry on recommendations of the ministry of commerce.
Domestic steel players have been consistently raising concerns over increasing cheap imports of steel from select nations, affecting their competitiveness.
Steel Secretary Sandeep Poundrik last month said more than 60 per cent of steel imports come from FTA (free trade agreement) countries at nil duty and any duty hike will not have any impact on these shipments.
There is a genuine problem and the ministry is aware of that, Poundrik said.
India's steel imports were at 5.51 million tonnes (MnT) in April-September 2024-25, higher from 3.66 MnT in the year-ago period, as per research firm BigMint.
Imports from China have surged to 1.85 MnT during that period from 1.02 MnT in April-September period of financial year 2023-24, it said.
"The process is going" on the ministry's proposal to impose a 25 per cent duty on steel imports, Kumaraswamy told PTI on the sidelines of an event here.
On December 2, the steel ministry in a meeting with the commerce department had proposed for a 25 per cent safeguard duty on certain steel products imported into the country. The steel minister and Commerce and Industry Minister Piyush Goyal were present in the meeting.
A final call on imposing the duty can be taken by the finance ministry on recommendations of the ministry of commerce.
Domestic steel players have been consistently raising concerns over increasing cheap imports of steel from select nations, affecting their competitiveness.
Steel Secretary Sandeep Poundrik last month said more than 60 per cent of steel imports come from FTA (free trade agreement) countries at nil duty and any duty hike will not have any impact on these shipments.
There is a genuine problem and the ministry is aware of that, Poundrik said.
India's steel imports were at 5.51 million tonnes (MnT) in April-September 2024-25, higher from 3.66 MnT in the year-ago period, as per research firm BigMint.
Imports from China have surged to 1.85 MnT during that period from 1.02 MnT in April-September period of financial year 2023-24, it said.
Source: PTI
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Vodafone Idea L
- 7.99 (+ 1.52)
- 58018780
- Mishtann Foods L
- 9.17 ( -5.17)
- 27555831
- Shree Securities
- 0.42 ( -6.67)
- 27309223
- AvanceTechnologies
- 0.90 ( -4.26)
- 25537567
- Rajnish Wellness
- 1.69 ( -2.87)
- 19267607
MORE NEWS
Zepto Cuts Losses, Revenue Doubles in FY24
Quick commerce firm Zepto narrowed its losses to Rs 1,248.6 crore in FY24, while...
KKR Sells 2.6% Stake in India Grid Trust for Rs...
Private equity firm KKR has sold a 2.6% stake in India Grid Trust for Rs 277 crore...
MFN Clause Suspension: India Needs Strategic...
Switzerland's suspension of the MFN clause in its tax treaty with India highlights the...