The government has suspended export subsidy under the Duty Entitlement Pass Book (DEPB) Scheme on steel to control inflation and boost domestic supplies. The DEPB Scheme has been temporarily removed for steel exports and has been completely withdrawn for export of non-basmati rice, the Directorate General of Foreign Trade said.
Earlier this week, some steel producers in India had agreed to halt steel exports with immediate effect after government sought help from steel manufacturers to keep the prices in check with inflation rising to almost 6%. Rising demand and spiralling costs have seen steel majors increase prices significantly since January 2008
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