Govt may reject steel industry’s higher import duty demand

New Delhi, Apr 28 (KNN) The central government is not keen in imposing higher import duty on steel, reported Mint.  

The domestic steel industry’s demand for increasing basic customs duty (BCD) on the import of steel, or levy any additional safeguard duty on the alloy, in the near term, said two officials in the know told Mint. 

The government believes that such an intervention could result in the crucial alloy getting more expensive in the domestic market, one of the officials said.

While the steel ministry has engaged with the commerce ministry and the finance ministry on the subject, the prevailing view is that imports have not gone up at an alarming level for the government to intervene, said the second official.

Recently the Union Minister of Steel, Jyotiraditya Scindia dismissed concerns around rising imports.

“If you look at the numbers, the rise (in imports) is very, very minimal. Our market is growing tremendously, and our domestic producers are supplying well,” he had said in February.  (KNN Bureau)