Indian budget lowers import duty on CRGO steel production inputs

Monday, 08 July 2019 12:10:02 (GMT+3)   |   Kolkata
       

The Indian government has proposed the lowering of customs duty on key inputs in production of cold rolled grain-oriented (CRGO) steel to 2.5 percent from the existing five percent, according to the national budget documents placed before India’s parliament last Friday.

According to the document, the lower customs duty would be applicable for key inputs like magnesium oxide-coated cold rolled coils, hot rolled annealed steel and other annealed steel products.

The reduction in the import duties on these inputs has been proposed to promote higher domestic production of CRGO steel and as major consumer sectors like electrical equipment manufacturers are heavily import-dependent for their requirement of CRGO steel, the national budget said.

 


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