The ministry backed a CVD levy on steel, and the commerce ministry's Directorate General of Trade Remedies has already recommended a 19% duty to the finance ministry, which will take a final call on the matter.
The CVD is typically imposed to protect local companies that cannot compete with cheap imports that gain from subsidies given by the exporting nation. In the face of such imports, domestic steelmakers, especially the smaller ones, are forced to put their hiring and expansion plans on hold and turn traders of the commodity. India used to impose a CVD on steel till the Union Budget 2021-22 removed it.
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