NEW DELHI (Commodity Online): To boost the domestic steel industry, the Associated Chambers of Commerce and Industry of India (ASSOCHAM) has urged the India Government to raise the import duty on steel.
India is planning to increase the steel making capacity by 15-20 million tons in next two years.
Presently, India's steel industry is facing troubles from increased foreign imports and as a result the production has fallen.
According to D.S. Rawat, Secretary General, ASSOCHAM, the oversupply in global markets is forcing China and the Commonwealth of Independent States (CIS) to dump their steel products like hot-rolled coils and other coated products into growing markets like India, which is affecting the production of the domestic companies in the country, reported PTI.
ASSOCHAM calls for atleast 10 % hike in the import duty which would boost the production of in domestic companies.
Steel in India is used for various applications from manufacturing body of aircrafts, cars to home utilities like cupboard etc.
