Government to Increase Import Duty on Steel to Boost Local Manufacturing

Duty on Steel

The federal government has announced plans to increase import duties on steel, ball bearings, paper products, and other items to enhance local manufacturing, Finance Minister Muhammad Aurangzeb revealed in his budget speech on Wednesday.

The increase in import duties aims to make imported steel and paper products less competitive in the local market, thereby supporting domestic producers.

It’s worth noting that local steel producers had appealed to the finance minister last month for industry support. Aurangzeb reiterated the government’s commitment to backing the local industry at that time.