The government has notified a 20 per cent provisional safeguard duty on certain categories of the steel to protect the domestic steel sector that is grappling with problems of low demand. Talking to reporters in New Delhi, Finance Minister Arun Jaitley said, the provisional safeguard duty on steel will continue for 200 days.The Minister said, the government has been working on strengthening real economy by focusing on quick decision making and stable policy regime.The announcement came on Monday after the Board of Safeguards upheld an earlier recommendation of the Directorate General of Safeguards (DGS) to impose the duty to protect interests of the domestic industry.According to DGS, the market share of domestic producers has been declining since last year and is likely to fall from 45 per cent to 37 per cent in 2015-16.
News On AIR | September 15, 2015 9:04 AM
Govt notifies 20% provisional safeguard duty on certain categories of steel