Finance minister Arun Jaitley on Tuesday announced the government's decision to impose a 20 percent safeguard duty on steel imports with immediate effect.
The duty imposed will be valid for 200 days on specific steel products. This is perhaps the first time in nearly two decades that the government is taking a series of moves to protect the domestic steel industry.
The government's much quick approach in response to an application from domestic steel producers in June has left them with lot vigor.
The panel comprising commerce, steel and revenue secretaries approved imposition of 20 percent safeguard duty on imports of specific steel products from China, Japan and Korea for 200 days.
Safeguard duty will be the latest in a series of steps taken by the NDA government to provide relief to the steel industry. Earlier this year, basic customs duties on steel were raised twice in June and August by 2.5 percent each time.
However, stainless steel also witnessed safeguard duty as proposed, which was rejected by DGS in March earlier this year.
