September 23, 2019 / 9:37 AM / 4 months ago

India's steel industry wants 25% duty placed on imports: JSW Steel exececutive

The logo of JSW is seen on the company's headquarters in Mumbai, February 11, 2016.REUTERS/Danish Siddiqui/Files

NEW DELHI (Reuters) - India’s steel industry wants a 25% safeguard duty placed on all steel imports as steel products sourced from countries with whom India has a free trade agreement (FTA) have risen substantially, a senior executive from JSW Steel said on Monday.

“India’s imports from FTA partners rose 77% (in the current fiscal),” said Seshagiri Rao, JSW’s joint managing director and group chief financial officer.

Rao reiterated a longstanding industry demand to not include steel as part of the Regional Comprehensive Economic Partnership (RCEP), a China-initiated free trade zone among countries that will encompass 45% of the world’s population.

Reporting by Neha Dasgupta; editing by Jason Neely

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