India’s ministry of steel will not be making representation to its counterparts in the ministry of finance seeking hikes in import duties in the forthcoming national budget 2024-25, a ministry of steel official said on Friday, January 12.
The official said that, despite several representations received from domestic steel companies seeking hikes in import duty against the backdrop of the country becoming a net importer of steel, the ministry did not favour moving towards a higher import duty regime as domestic demand remained very robust.
Local steel companies have sought an increase in the import duty on steel which currently stands at 7.5 percent.
According to the official, even though no increase in import duty is under consideration, the government is keeping a close watch on the volume of imports, particularly from China. The government is, however, considering non-tariff barriers to imports like mandatory quality checks at major ports, and shipments of steel products not compliant with standards laid down by the Bureau of Indian Standards (BIS) will not be accorded customs clearance.