India is considering the increase of the import duties on steel to support the rupee

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The Indian authorities are implementing an extensive program to reduce the “non-mandatory” imports to prevent the outflow of dollars and support the rupee. As sources informed Reuters, within the framework of this program the Ministry of Metallurgy of India offered to increase the current import duties on some categories of steel products from 5-12.5% to 14%. According to sources, the Indian leadership hopes that the implementation of this proposal will help achieve a trade balance and support local metallurgical enterprises.

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