Nath for duty-free import of steel, ban on rice exports
Commerce and Industry Minister Kamal Nath on Friday said his ministry would recommend scrapping of import duty on steel, whose rising prices have contributed to a surge in inflation rate.
By PTI |
NEW DELHI: Commerce and Industry Minister Kamal Nath on Friday said his ministry would recommend scrapping of import duty on steel, whose rising prices have contributed to a surge in inflation rate.
"We are going to recommend scrapping of import duty on steel... government is looking at a proposal to ban non-basmati rice export," he told reporters here, while terming rise in inflation as a matter of concern.
Headline inflation rate grew by 6.68 per cent for the week ended March 15, mainly on account of increase in prices of steel and food items.
Seeking to improve the supply situation in the domestic market, the Commerce and Industry Ministry late last night withdrew export incentives given to at least 40 items, including steel.
The withdrawal includes the tax refund scheme - Duty Entitlement Pass Book.
"Total number of items on which DEPB benefits have been withdrawn would be running into about 40-50," Commerce Secretary G K Pillai told reporters here earlier on Friday.
The government had also increased the Minimum Export Price on non-basmati rice to $1,000 a tonne to discourage exports and in turn increase availability of the food grain in the domestic market.
"We are going to recommend scrapping of import duty on steel... government is looking at a proposal to ban non-basmati rice export," he told reporters here, while terming rise in inflation as a matter of concern.
Headline inflation rate grew by 6.68 per cent for the week ended March 15, mainly on account of increase in prices of steel and food items.
Seeking to improve the supply situation in the domestic market, the Commerce and Industry Ministry late last night withdrew export incentives given to at least 40 items, including steel.
The withdrawal includes the tax refund scheme - Duty Entitlement Pass Book.
"Total number of items on which DEPB benefits have been withdrawn would be running into about 40-50," Commerce Secretary G K Pillai told reporters here earlier on Friday.
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The government had also increased the Minimum Export Price on non-basmati rice to $1,000 a tonne to discourage exports and in turn increase availability of the food grain in the domestic market.
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