new Delhi. The central government has taken steps to protect the domestic steel industry from the impact of cheap imported steel. The government has imposed anti-dumping duty on some steel products imported from China. Apart from China, some steel products imported from Vietnam and South Korea have also been levied anti-dumping duty. Notification has been issued by the Central Board of Indirect Taxes and Customs under the purview of the Finance Ministry.
This anti-dumping duty is different on different products, some products have been charged at $ 14.30 per tonne and some at $ 56.96 per tonne. The minimum charge is $ 13.70 per ton and the maximum is $ 173.10 per ton. This duty has been imposed on some steel products manufactured in Vietnam, China and South Korea and exported to India from these countries.
This decision of the government will provide a big relief to domestic steel producers. Domestic steel producers were being hit due to cheap steel coming from abroad and at the same time domestic steel production was also being affected. Although the government's move may cause a slight increase in the prices of some steel products, but in the long run, this decision may prove beneficial for the domestic steel industry.
Prime Minister Modi has also been emphasizing on increasing manufacturing at the domestic level through Make in India and Self-reliant India program for a long time and this step of the government can prove beneficial in this direction.
This post was published on June 23, 2020 10:24 pm
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