New Delhi [India], April 22 (ANI): Union Minister of Steel and Heavy Industries HD Kumaraswamy on Monday welcomed the Central government’s decision to impose a 12 per cent safeguard duty on the import of certain non-alloy and alloy steel flat products, saying it will provide critical relief to domestic producers. The
“The Union Minister for Steel and Heavy Industries, HD Kumaraswamy, welcomed the decision to impose a 12 per cent safeguard duty on the import of certain non-alloy and alloy steel flat products. This measure is a timely and necessary step to protect domestic steel manufacturers from the adverse impact of import surges and to ensure fair competition in the market,” as per a Ministry of Steel release.
“This move will provide critical relief to domestic producers, especially small and medium-scale enterprises, who have faced immense pressure from rising imports. The safeguard duty will help restore market stability and reinforce the confidence of the domestic industry,” he said.
Kumaraswamy expressed gratitude to Prime Minister Narendra Modi for his leadership and continued support in strengthening strategic sectors under the vision of Atmanirbhar Bharat. He reiterated that the Ministry remains committed to working with all stakeholders to ensure that the Indian steel sector remains resilient, self-reliant, and globally competitive.
Ministry of Finance on Monday announced a provisional safeguard duty (temporary import tax) on certain imported non-alloy and alloy steel products. This duty is meant to protect the Indian steel industry from a sudden and sharp increase in steel imports that may hurt local producers.
As per a Ministry of Finance notification, this decision was made following a recent, sharp, and significant increase in the imports of subject goods into India, which is causing and threatening to cause serious injury to the domestic industry and producers of these goods.
The government has set import prices for five steel product categories ranging from $ 675 per tonne to $ 964 per tonne. Any shipment imported below these import prices will attract safeguard duty.
The product categories are — Hot rolled coils, sheets and plates, Hot rolled plate mill plates, Cold rolled coils and sheets, Metallic coated steel coils and sheets, and Colour-coated coils and sheets. (ANI)
Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News
HINDI, MARATHI, GUJARATI, TAMIL, TELUGU, BENGALI, KANNADA, ORIYA, PUNJABI, URDU, MALAYALAM
For more details and packages
