Reaction of Indian Steel Minister to duty hikes
Indian Steel Minister Ram Vilas Paswan has recently announced that he will demand Finance Ministry to rollback the excise duty on steel products. As reported by SteelOrbis today, following the recent decision of the government regarding the excise and customs duties on steel products, many steel producers announced that they will have to hike their prices by Rupees 1'000 (approx $22) per ton to compensate for the increase in excise duty. Paswan, stating that the increase in the excise duty will have an adverse effect on steel industry objected to the recent decision of the government.