Govt to Increase Import Duty on Steel to Boost Local Manufacturing

The federal government has decided to increase the import duty on steel, ball bearings, paper products, etc. in order to enhance local manufacturing, Finance Minister Muhammad Aurangzeb said in his budget speech on Wednesday. By raising import duties on these items, the government aims to make imported steel and paper products less competitive in the local market, thereby giving a boost to domestic producers. It bears mentioning that local steel producers last month had appealed to the finance minister to support the industry. Aurangzeb at the time reiterated the government’s commitment to support the local industry.