Government looking into import duty, FTA issues

The government is looking into the Free Trade Agreements (FTAs) and anti-dumping duties on steel and rubber sectors. The finance and commerce ministries usually take decisions on curbs.

 
“We are in consultation with the ministries of finance and commerce and the prime minister to decide and reconsider on these FTAs and further increase in anti dumping duties very soon to safeguard the suffering rubber and steel industry”,  Industry Chamber CII said in a statement quoting Narendra Singh Tomar.

Steel industry has been demanding further hike in import duty on steel products. Government had raised import duty on certain steel products to 12.5 per cent from 10 per cent a fortnight ago. Some anti-dumping duties had also been in in June after steel mills sought higher taxes to check imports.

 India imported 9.3 million tonnes of steel in 2014-15, which was 72 per cent higher. The countries with which India has signed FTAs pay less than one per cent duties for their produce to be dumped into Indian market. Industry experts believe, it is South Korea tops among FTAs countries to export steel to India.