New Delhi, Dec. 31 -- India has notified safeguard duty on select steel products that will remain in place for three years, a step that underscores New Delhi's desire to protect domestic steelmakers like Tata Steel, Jindals and SAIL from what it considers as "unfair competition."Under a notification issued by the finance ministry on Tuesday, the levy will begin at 12 per cent in the first year, from April 21, 2025, to April 20, 2026. It will then taper slightly to 11.5 per cent in the second year and to 11 per cent in the third, ending on April 20, 2028.
The measure applies to certain non-alloy and alloy flat steel products, including hot-rolled and cold-rolled coils, sheets, plates and coated products. The decision follows months of inves...