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| Steel makers expect Budget to hike import duty on commodity |
| Press Trust of India / Mumbai Jul 05, 2009, 17:06 IST |
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Steel makers hope their persistent demand for raising import duty on the commodity would be met in the Budget.
"Increase in import duty on steel from 5 per cent now to 10 per cent might happen this time," JSW Group's Vice Chairman and Managing Director Sajjan Jindal said here.
Concerned over dumping of steel into the domestic market, steel makers had appealed to the Ministry to increase import duty from 5 per cent now to 15-20 per cent or impose about 25 per cent safeguard duty.
Jindal, also the President of Assocham, however, said that domestic steel makers were unlikely to increase price even if the import duty is hiked since price was linked with the global markets.
"The hike in import duty is required to safeguard the domestic industry from dumping," Jindal said.
The demand for steel in India is likely to go up further in the current fiscal backed by a healthy demand from long steel products used in construction.
Jindal also said the Budget might levy tax on exports of raw materials used in the steel industry, mainly iron ore and coal, and incentives value-added exports.
"The industry should also be included in the infrastructure sector which will help it to get long-term funds as the industry is a capital-intensive one and has long gestation period," Jindal said.
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