PrashantNews
The central government on Friday said it has taken a series of steps to facilitate the reduction of steel imports and improve the competitiveness of domestic steel manufacturers in India.
Steel is a deregulated sector where its prices are determined by demand supply dynamics of market forces. The Government acts as a facilitator, by creating a conducive policy environment for the development of steel sector including small and medium producers in the country.
The government has taken following steps to facilitate the reduction of Steel imports and to improve the competitiveness of domestic steel manufacturers to reduce dependency on imports, said Union Minister of State for Steel and Heavy Industries Bhupathiraju Srinivasa Varma in a written reply in the Rajya Sabha.
Among the various steps to facilitate the reduction of imports, the government has launched the Production Linked Incentive (PLI) Scheme for Specialty Steel to promote the manufacturing of ‘Specialty Steel’ within the country and reduce imports by attracting capital investments.
It has also Introduced steel Quality Control Orders (QCOs) thereby banning sub-standard/ defective steel products in domestic market as well as imports to ensure the availability of quality steel to the industry, users and public at large.
The government said it has also taken anti Dumping Duty (ADD) measures pertaining to some steel products like seamless tubes, pipes and hollow profiles of iron, alloy, or non-alloy steel (other than cast iron and stainless steel) (from China PR), electro-galvanized steel (from Korea RP, Japan, Singapore), stainless-steel seamless tubes and pipes (from China PR), welded stainless steel pipes and tubes (from Vietnam and Thailand).
Countervailing Duty (CVD) have also been put in place for Welded Stainless Steel Pipes and Tubes from China and Vietnam.
Besides, Basic Customs Duty (BCD) has been reduced from 2.5% to Nil on Ferro-Nickel and Molybdenum ores and concentrates which are raw materials for steel industry.