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Reuters cites two sources and a government document that revealed India’s steel ministry’s proposal to hike  the effective import duty on some steel products from current 5-12.5% range to 15%, in a bid to stabilize the local currency, the Rupee.

According to the source: “The broader message is to address the trade balance but we will try to promote ‘Make in India’ by encouraging domestic (steel) production,” adding that there was no certainty that the proposed duty would be imposed.

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