India discusses reducing import tariffs on steel, aluminum, copper and other products

A source from the Indian government revealed on December 28 that before submitting the national budget for 2022-2023 to the parliament in February 2022, the Indian Ministry of Finance has worked with other ministries and commissions to reduce import tariffs on a series of commodities such as steel, aluminum, and copper. Discuss the matter.

Currently, India’s basic import tariff on steel is 7.5%, aluminum is 10%, copper is 5%, and an additional 18% goods and services tax (GST) is levied.

The measure is to alleviate the cost pressure on small, medium, and micro enterprises (M**Es) caused by soaring commodity prices and to ensure that other industrial enterprises recover from the impact of the new crown pneumonia epidemic.