Economy News

India has slapped a three-year import duty of 11-12% on some steel products, as per an order issued by the finance ministry to curb the inflow of low-priced steel from China. As per the order published in the official government gazette, the tariff will be set at 12% in the first year and then reduced to 11.5% in the second year and further cut to 11% in the third year. The 'recent, sudden, sharp, and significant increase in imports of subject goods into India has caused and threatens to cause serious injury to the domestic industry/producers of subject goods', the order noted.

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