Govt withdraws export subsidy on steel

The government today suspended export subsidy under the Duty Entitlement Pass Book (DEPB) Scheme on steel.

The move comes as an attempt to curb the soaring inflation rates and to boost domestic supplies. As the part of this measure to control inflation the government has also withdrawn the benefits on overseas sales of non-basmati rice.

The DEPB Scheme has been temporarily removed for steel exports, and has been completely withdrawn for export of non-basmati rice, the Directorate General of Foreign Trade said today.