New Delhi: In a much needed relief for domestic producers, the government has increased the basic customs duty (BCD) on certain long and flat steel products by 2.5 percent.
Import duty on flat steel products has been increased to 10 percent from 7.5 percent, whereas that on long steel products has been raised to 7.5 percent from 5 percent, said a Central Board of Excise and Customs (CBEC) notification.
The products include, non-alloy flat products, alloy sheet flat, semis, non-alloy and large alloy flat, among others.
The move is expected to help domestic steel producers who are battling cheap imports from countries such as China and Korea.
The government, however, has not increased the BCD (Basic Customs Duty) for stainless steel and cold rolled grain-oriented steel (CRGO).
Steel and Mines Minister Narendra Singh Tomar tweeted: "The raising of the BCD on steel products is a positive step in the success of the government's 'Make in India' programme."
Increasing the BCD on most of the steel products with immediate effect will definitely provide relief to domestic industry from high imports, he added.
"Some days back anti-dumping duty was imposed on some steel products, such steps show the government's stand towards the 'Make in India' programme. My efforts are to encourage and help the small steel producers and work in going on in this direction," Tomar said.
Earlier this month, India slapped anti-dumping duty of up to USD 316 per tonne on imports of certain steel products from three countries, including China, to protect domestic producers from below-cost inbound shipments.
