Indian government restores DEPB incentives for steel exports

Indian government restores DEPB incentives for steel exports

Indian government has recently announced that it determined to restore Duty Entitlement Pass Book (DEPB) incentives regarding steel exports to help steel producers objecting to the recent increase in the excise duties and the decrease in customs duties. As previously reported by SteelOrbis, the previous government suspended DEPB incentives on February 28, 2004 to hinder steel exports so that availability of steel in domestic market would be provided. Since the regulation has been in effect, exports of steel producers have fallen remarkably. For instance, exports of Steel Authority of India Ltd (SAIL) have decreased by almost 50%.