Reducing Dependence on Steel Imports to Boost Exports
The Indian government is implementing various measures to reduce steel imports and enhance domestic production. Key initiatives include the Domestically Manufactured Iron & Steel Products Policy, Production Linked Incentive Scheme for Specialty Steel, and the introduction of a Steel Quality Control Order. The Union Budget 2024-25 also supports domestic manufacturers through customs duty reductions and exemptions. Anti-dumping and countervailing duties are in place for certain steel products, and the Steel Import Monitoring System has been revamped for better import tracking.
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