The Ministry of Steel has asked the Ministry of Finance to double the basic customs duty on imported finished steel products. The custom duty is expected to increase from the current 7.5 percent to 15 percent in the upcoming Union Budget for 2025-26.
Dec 31, 2024
In order to protect domestic steel manufacturers from the growing influx of cheaper steel imports, the Ministry of Steel has asked the Ministry of Finance to double the basic customs duty.
As per a report, the custom duty on imported finished steel products may increase from the current 7.5 percent to 15 percent in the upcoming Union Budget for 2025-26.
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The Steel Ministry took this decision on the basis of higher import duty lessening the effects of rising imports of finished steel on domestic producers. During FY ’24, India was a net importer of steel with imports exceeding exports by 8.3 lakh tonnes. In contrast, India was a net exporter in FY ’23 with exports exceeding imports by 7.0 lakh tonnes.
