New Delhi, Apr 11 (KNN) The government announced on Wednesday a prohibition on imports of certain types of screws priced below Rs 129 per kilogram, a strategic move aimed at strengthening domestic manufacturing capabilities.
According to the notification issued by the Directorate General of Foreign Trade (DGFT), the import policy for these specific screws has been changed from “free” to “prohibited,” though imports will remain unrestricted for products with a CIF (cost, insurance, freight) value of Rs 129 or above per kilogram.
The ban encompasses several categories of fasteners including coach screws, machine screws, wood screws, hook screws, and self-tapping screws.
This measure is expected to provide protection to local manufacturers from lower-priced foreign alternatives.
Import data reveals that India purchased screws, bolts, nuts, washers, and similar articles worth USD 827 million during the 2022-23 fiscal year.
For the current fiscal year, imports valued at USD 468.15 million were recorded between April and October.
These fastening products have been sourced from various countries including France, China, Australia, Bangladesh, Brazil, and Belgium.
The policy change reflects the government’s ongoing efforts to reduce dependency on imports and promote domestic production in line with manufacturing sector development initiatives.
(KNN Bureau)
