Indian government cuts import duties on certain items

In a measure to curb inflation, the Indian government has decided to reduce import duties on certain items, such as stainless steel, cement, aluminium, zinc and copper. Accordingly, the import duty on cement has been reduced from 12.5 percent to nil. The removal of the import duty on this product is expected to cause a reduction in the cement prices in the local market. The import duty on stainless steel and other alloy steels has been reduced from 7.5 percent to 5 percent. Similarly, import duties on primary and semi-finished forms of copper, aluminium, zinc, tin and other base metals have been reduced from 7.5 percent to 5 percent. Pipes and tubes of aluminium, copper and zinc will be subject to an import duty of 7.5 percent, down from the current duty of 12.5 percent. According to an official statement, these changes will come into effect immediately. The other areas, which have also seen reductions in import duties, cover projects (now also including airport development projects and metro rail projects), inorganic chemicals and specified capital goods and their parts.