India likely to reduce import duties on steel

India likely to reduce import duties on steel

A recent statement from the Indian government discloses that import tariffs on several items will be reduced to 10-15% in the upcoming Budget. The Indian government currently imposes an average tariff of 25%. However, the Indian Commerce Ministry stated that the reduction in the import tariffs will not cover all items. For instance, while import duties on steel, copper, and aluminum may be reduced, the import duty on automobiles may not be lowered. Indian officials state that the major highlight of the upcoming Budget will be these duty cuts.