Economy

Import tax on steel to be raised to stem supplies from China, Russia

Reuters NEW DELHI | Updated on January 24, 2018 Published on February 28, 2015

India will raise the import duty on steel by 5 percentage points from April 1, Finance Minister Arun Jaitley said on Saturday, to stem a flow of cheap supplies from China and Russia.

The Government would raise the tariff to 15 per cent from 10 per cent, Jaitley said in his Budget for the next fiscal year.

The move will help local companies that were fast losing their market share in the world's fourth largest producer of the alloy.

India will also raise the import tax on metallurgical coal to 5 per cent from 2.5 per cent.

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Published on February 28, 2015
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