India Announces 20 Percent Safeguard Duty on Steel Imports
Posting Date:[2015-09-17]
Finance minister Arun Jaitley on Monday announced the government's decision to impose a 20 per cent safeguard duty on steel imports with immediate effect. The duty on specific steel products will be valid for 200 days. This is perhaps the first time in nearly two decades that the government is taking a series of moves to "protect" the domestic steel industry since it was liberalised in the early 90s.
"A provisional duty of 20 per cent on certain steel products has been introduced with effect from today and it will continue for 200 days," the finance minister told reporters in New Delhi.
The government has reacted with remarkable speed in response to an application from domestic steel producers in June. Earlier a government panel comprising commerce, steel and revenue secretaries approved imposition of 20 per cent safeguard duty on imports of specific steel products from China, Japan and Korea for 200 days.
