Indian government likely to hike safeguard duty on steel products beyond 12%: Report
The Indian government is reportedly considering increasing the safeguard duty on steel products beyond the current 12%, according to sources cited by ET NOW. This move is aimed at bolstering the domestic steel industry amid rising import concerns.
Sources indicate that the Steel Ministry is strongly backing the proposal, citing the need for enhanced protection to support domestic manufacturers. Currently, the Finance Ministry has already imposed a 12% safeguard duty based on a provisional report submitted by the Directorate General of Trade Remedies (DGTR).
The final call on a further hike will be taken once the government receives the conclusive investigation report from DGTR, which is currently awaited.
This development could potentially impact steel-consuming sectors and influence steel prices if the duty is hiked further in the coming weeks.
Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
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