New Delhi, Feb. 3. The government of India has taken several steps to control the price rise of construction raw materials post pandemic, said the union minister for MSMEs Naryan Rane in Lok Sabha today.
In Union Budget 2021-22, customs duty has been reduced uniformly to 7.5 % on Semis, Flat and Long products of non-alloy, alloy and stainless steels. Further, basic custom duty (BCD) on steel scrap has been exempted for a period up to 31st March, 2022. In addition to the above, ADD and CVD on certain steel products have also been revoked / temporarily revoked
To give relief to secondary and MSME sector steel industry engaged in housing/construction sector, TMT bars below 8 mm have been exempted from the purview of the Quality Control Order, as these are primarily used for non-critical applications Ministry of Steel has also issued clarifications to CPWD, MoRTH etc. that steel produced through various routes of production using iron ore, steel scrap and DRI should be treated at par if the steel produced conforms to the relevant BIS standards, said the minister.
Very good decision