Steel Ministry Asks Finance Ministry to Increase Customs Duty
The Ministry of Steel has urged the Ministry of Finance to increase the basic Customs duty on imported finished steel products from 7.5% to 15% in the upcoming Union Budget for 2025–26. The steel ministry believes that raising the import duty would help mitigate the negative impact of rising imports of cheaper finished steel, particularly from China. According to official data, the share of imports from China grew to 32% in the current financial year. (Business Standard)
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