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H D Kumaraswamy vouches for raising import duty on steel from 7.5% to 12%.


Date: 05-09-2024
Subject: H D Kumaraswamy vouches for raising import duty on steel from 7.5% to 12%
New Delhi: Union steel minister H D Kumaraswamy on Wednesday assured the industry that he will make a case for higher import duty on steel to the finance ministry amid growing concerns over a spike in imports from China.

The way in which China dumps steel into the country...the entire industry is facing (something similar to a) terrorist threat ... There have been industry representations over the China issue and other problems over the past two months," Kumaraswamy said. "I promise to try to convince the finance minister and prime minister to increase the import duty from 7.5% to 10-12%."

Speaking at the Fifth Steel Conclave organised by the Indian Steel Association (ISA), the minister said several representatives from the industry visited him in the last two months and discussed the problems they were facing due to increased imports of cheaper steel from China.

"Because of China dumping steel...our steel industry is facing a lot of problems. They are suffering. Several steps they are requesting," Kumaraswamy said. The Indian steel industry had expressed concern over India becoming a net importer of steel in 2023-24, saying it is a "warning signal" for the country that strives to become Atmanirbhar.

In his address, Kumaraswamy said India is the world's second-largest steel producer and consumer. He also reiterated the plan to double the country' ..

 Source Name : Economic Times

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