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Export duty removal will boost business sentiments of steel industry: Faggan Kulaste

Six months after the imposition of the export duty on May 21, the government has removed the levy on steel items to nil with effect from November 19, 2022.

November 24, 2022 / 02:31 PM IST
Steel

Steel

Duty-related measures taken by the government will boost the business sentiments of the domestic steel industry, Union Minister Faggan Singh Kulaste said on Thursday.

Six months after the imposition of the export duty on May 21, the government has removed the levy on steel items to nil with effect from November 19, 2022.

"The move will boost business sentiments of the steel makers. It will also boost the demand and investments in the sector," the Minister of State (MoS) for Steel told PTI.

Kulaste, who is also the MoS for Rural Development, said the players will now utilise their capex (capex expenditure) without any "fear" as they have opportunities in the local and global markets.

The minister recently directed the steel companies to invest in research and development activities to make new special-grade products in the country.

The move will help boost the domestic consumption of various grades of steel, he added.

Value-added steel or special grade steel is used in segments like power, ship, rail, metro, defence, auto etc. The demand for steel used by these industries is being met through imports.
PTI
first published: Nov 24, 2022 02:31 pm