New Delhi, Dec. 10 -- The Ministry of New and Renewable Energy (MNRE) has recommended reducing the current 15 percent basic customs duty on high-grade steel in the upcoming Union Budget to address an inverted duty structure that favors imported gearboxes, as per a report in business daily Mint.

Inverted Duty Structure Hurts Local Manufacturing

Imported gearboxes, taxed at 7.5 percent, remain cheaper than locally made ones despite high specialty steel imports. Around 60 percent of domestic wind power gearboxes are imported.

Specialty Steel: Critical for Performance

Specialty steel is a high-value, performance-driven material with precise alloying and processing, used in aerospace, defence, automotive, and power generation.

Gearboxes m...