India lifts increased tariffs on steel export

A stack of steel metal tubes with shiny reflections on them

Kathmandu: India has removed the increased customs duty on exports of steel products.

On June 7, India imposed 15 percent export duty on the export of such goods.

Due to increasing exports, India had increased taxes to prevent the price of iron and steels from increasing in the domestic market.

However, the Indian steel producing companies strongly protested that the government policy of increasing the tax for almost 6 months has caused a contraction in exports.

Despite the increased customs duty, Nepal has imported iron and steel products worth 42.51 billion in the last 5-4 months. India’s policy will benefit companies that manufacture iron and steel products by importing steel raw materials.