According to Indian Steel Minister Ram Vilas Paswan, the Indian government may impose a five percent import duty on steel and remove the 15 percent export tax for the purpose of easing the situation facing domestic steelmakers, following a request received by Tata Steel Ltd and Steel Authority of India Ltd (SAIL) in the wake of a significant decline in international steel prices.
The proposal regarding the possible regulation change will be discussed at a governmental meeting to be held on Friday, October 17.
In April 2008, the Indian government cancelled the five percent import duty on steel products and imposed export taxes to boost domestic supplies and to bring domestic inflation under control.