Construction Industry News
The domestic steel sector has been hit by a moving train, rating agency Icra said in response to the government's duty-related measures.
On Saturday, the government raised the excise tax on iron ore exports by up to 50% and some steel intermediaries by 15%. It also exempted from customs duties certain imports of raw materials, including ferronickel and coking coal, used by the steel industry.
On Monday, Icra said the steel industry has been hit by a moving train as the government cracks the whip and imposes an export tax to contain the increased costs. Nearly 95% of India's finished steel export basket has been affected with 15% export duties.
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