What is Safeguard Duty ?
- The safeguard duty is tariff barrier imposed by government
on the commodities to ensure that imports in excessive quantities do not harm
the domestic industry.
- It is mainly temporary measure undertaken by government in
defence of the domestic industry which is harmed or has potential threat
getting hared due to sudden cheap surge in imports.
- The duty will be on the products which are imported at or
above the minimum import price (MIP), which helps to set a floor price mainly
to discourage imports below this price.
- The main intention of this move is to protect domestic
industry from onslaught of cheap steel supplies (imports) from China amid a