Posted on 02 Mar 2015
India will raise the import
duty on steel by 5 percentage points from April 1, Finance
Minister Arun Jaitley said on Saturday, to stem a flow of cheap
supplies from China and Russia. The government would raise the tariff to 15 percent from 10
percent, Jaitley said in his budget for the next fiscal year. The move will help local companies that were fast losing
their market share in the world's fourth largest producer of the
alloy. India will also raise the import tax on metallurgical coal
to 5 percent from 2.5 percent.
