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Union Budget Reduces Steel Import Duty as Relief to MSMEs

Union Finance Minister Ms. Nirmala Sitharaman on Monday, 1st February 2021 tabled the Union Budget 2021. The budget speech had many clauses to relieve ailing MSMEs of the country. One of the major complaints from MSME’s and Infrastructure sector was steeply rising iron and steel prices. This budget proposes reducing customs duty uniformly to 7.5 per cent on semis, flat, and long products of non-alloy, alloy, and stainless steels from the previous 12.5 percent.