Open / Close Advertisement

Steel Import Duty Could Cost India Jobs, Says Export Council

According to The Economic Times newspaper, the council said the duty could increase the price of Indian-made steel products by as much as 15 percent, making them uncompetitive globally on account of imported Chinese steel. 

"If the safeguards duty is imposed on the basic raw material, the engineering exports which are already suffering would get a further hit at least to the extent of 20 per cent on the employment," said council chairman Anupam Shah. 

He said the duty should be rejected.

"If this is not done, hundreds of thousands of jobs in the (small and mid-sized engineering exporters) would be sacrificed for the sake of helping the large and powerful steel manufacturers,” he said.