Govt document: India considers raising import duty on steel to support Rupee - Reuters

Dhwani Mehta FXStreet

Reuters cites two sources and a government document that revealed India’s steel ministry’s proposal to hike the effective import duty on some steel products from current 5-12.5% range to 15%, in a bid to stabilize the local currency, the Rupee.

According to the source: “The broader message is to address the trade balance but we will try to promote ‘Make in India’ by encouraging domestic (steel) production,” adding that there was no certainty that the proposed duty would be imposed.

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Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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