The minister unveiled Indian standards for green steel and hinted at incentives for the producers to encourage its production. In government procurement, green steel may get preferential treatment.
Earlier this month, the steel ministry had proposed up to 25% safeguard duty—in addition to basic customs duty—to protect the domestic industry from cheaper imports.
The proposal had come under criticism by the users industry, particularly the micro, small and medium enterprises which said that tariff increase in key raw material will increase their costs and make them uncompetitive with respect to imports, besides stoking inflation.
This story is from the December 13, 2024 edition of Financial Express Kochi.
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This story is from the December 13, 2024 edition of Financial Express Kochi.
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