Border adjustment tax on imports, infra status for steel on the cards

Policy shift part of govt's atmanirbhar push

In an effort to cut import dependence and steer India’s steel sector towards self-reliance, the government is working on a policy in consultation with the industry.

It is examining border adjustment tax on imports and infra status for the sector, besides expanding the scope for the monitoring mechanism and introducing standards.

India is the second-largest steel producer and consumer in the world and the sector accounts for 2.3 per cent of the country’s GDP.

“India’s steel sector has the potential to become an export hub. The industry says non-creditable taxes and duties are hurting its competitiveness globally. There are suggestions,