New Delhi: Finance Minister Arun Jaitley said India will raise the import duty on steel by 5 percentage points from April 1 to stem a flow of cheap supplies from China and Russia.
The step will help local companies that were fast losing their market share in the world`s fourth largest producer of the alloy. The government would raise the tariff to 15 percent from 10 percent, Jaitley said in his budget for the next fiscal year.
The country will also raise the import tax on metallurgical coal to 5 percent from 2.5 percent.