To enable the domestic steel and iron industry to be globally competitive, PHDCCI has urged the government to reduce the central excise duty on iron and steel to 8% from the present 16%.

In a memorandum submitted to the ministry of finance, it said that iron and steel products fall under the category of key manufacturing sectors. These products are consumed very widely not only for infrastructure, including housing, but also for practically all types of capital goods and machinery parts.

It is noteworthy that during 2004-05, the prices of steel skyrocketed.