Govt seeks to cool down steel, plastic and cement prices

The government on Saturday unveiled a series of duty cuts to cool down prices of iron and steel, coal and plastics, while promising to more than double the subsidy allocation for fertilisers to cushion the impact of the Ukraine war on farmers. Along with a reduction in import duty on iron and steel, the finance ministry also imposed import duty on a host of steel products, in a move that will benefit user industries and small-scale players that have been complaining of a massive jump in prices.