Indian steel minister rules out on removing steel from Free Trade Agreement (FTA) signed with Japan and Korea signed in last 2 years.Under FTA, duties on most of the products, traded between the countries, are either eliminated or reduced sharply.
“I don't know what the industry is clamoring for. They have to understand that when import duty would be near zero by 2025, they have to compete. You have to lower operation cost, raise competency level and deploy latest technology. Only then, your cost of production will come down,” Verma told Press Trust of India.
There is still a 3.5% duty on steel imports. So, the industries in India must gear up to competition, he further added.
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