Increase in Import of Steel

 Data pertaining to import of Iron & Steel under Chapter 72 and 73 of Indian Trade Classification (Harmonised System), 2012, Schedule - I (Import Policy) during the period 2012-2013, 2013-2014 and 2014-2015 (provisional) is as under:

In budget 2015-16, tariff rate of basic customs duty on iron & steel falling under Chapter 72 and articles of iron or steel falling under Chapter 73 of Indian Trade Classification (Harmonised System), 2012, Schedule - I (Import Policy), has been increased from 10 % to 15%. However, no change has been made in the existing effective rates of basic customs duty on these goods.

Import of an item takes place only when similar item is either not available in the domestic market or is available at a cheaper rate outside the country than the one available in the domestic market. Certain specific grades /qualities of steel which are not produced in the country, especially for the use of automobile sector, engineering goods etc, are to be necessarily imported and such specific imports cannot be stopped. Moreover, steel sector has been deregulated; therefore, the role of the Government is limited to be a facilitator in growth of steel industry. The Government only lays down policy guidelines and the investment decisions for creation of new capacity are taken by individual investors based on commercial considerations. 

This information was given by the Minister of State (Independent Charge) in the Ministry of Commerce & Industry Smt. Nirmala Sitharaman in a written reply in Rajya Sabha today