 "Govt bans imports of cheap screws to support domestic manufacturing")
The government on Wednesday imposed a ban on imports of certain kinds of screws priced lower than Rs 129 per kg, a move which would help promote domestic manufacturing.
"The import policy of screws...is revised from free to prohibited. However, import shall be free if CIF (cost, insurance, freight) value is Rs 129 or above per kg," the Directorate General of Foreign Trade (DGFT) said in a notification.
Products included in the ban are coach crews, machine screws, wood screws, hook screws, and self-tapping screws.
India imported screws, bolts, nuts, washers and similar articles worth USD 827 million in 2022-23 and USD 468.15 million during April-October this fiscal.
These are imported from countries like France, China, Australia, Bangladesh, Brazil, and Belgium.
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