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Budget 2019-2020: In February, the ISSDA said stainless steel imports from Indonesia had increased eightfold in the past year. (Photo Reuters)Budget 2019 India: The government on Friday proposed to increase tariffs on stainless steel products from 2.5% to 7.5%. The current tariff on stainless steel products is 5 percent. The proposal was made by Minister of Finance Nirmala Sitharaman in the 2019-2020 budget. It has also been proposed to increase the tariffs on other alloy steels and wire of other alloy steels (other than INVAR) to 7.5 per cent from the current 5 per cent.
“Tariff changes to provide a level playing field for domestic industry,†the minister said in her first budget speech. The duties on fittings, brackets and similar articles of base metal for furniture, doors, stairs, windows, blinds, hinges for automobiles have also been increased to 15 per cent, from the current 10 per cent.
The announcement is gaining momentum as the industry body Indian Stainless Steel Development Association (ISSDA) has raised concerns that stainless steel exporters in several countries are colluding with some Indian importers to abuse provisions of the ASEAN-India Free Trade Agreement. In February, the ISSDA said stainless steel imports from Indonesia had increased eightfold over the past year.
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