Mumbai: The Associated Chambers of Commerce and Industry of India (Assocham) has put forth demand easing the duties on iron ore imports. “Basic custom duty (BCD) and countervailing duty (CVD) exemption on imported iron ore is imperative to revive steel sector,” said Assocham in its official statement.
The industrial body further explains, ““Import of finished steel products in India from South Korea, Japan, and other countries from ASEAN (Association of South East Asian Nations) land at high concessional duty rates as compared to normal duty rates from other countries thereby making Indian steel products cheaper and pushing the sector in peril.”
Assocham has urged the government to revisit this ‘Inverted’ duty rate between finished steel and iron ore which is denying an opportunity to the steel sector for value addition apart from risking huge funds invested by various banks and financial institutions thereby leading to job losses and downfall in investments in Indian steel industry.
EPC News Bureau
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