The Government has proposed to slash import duties on steel items further bringing it to zero or near zero levels to provide relief to MSMEs, which have been hit hard by the high cost of raw materials amidst the raging pandemic.
Top Government sources said that a decision had been taken to review duties on steel products and reduce it or withdraw it completely on few items to help the user industry hit hard by rising price of the metal in the domestic market.
Also, lower import duties would help maintain supply lines that have been affected with several domestic steel companies reducing steel production to divert medical grade oxygen for Covid-19 relief measures.
