Govt to keep steel out of free-trade pacts

摘要

NEW DELHI: With the Reserve Bank of India (RBI) warning that the Indian banks' proportion of non-performing assets (NPAs) might reach double digits, the government is planning to keep steel out of the ambit of the foreign trade agreements it inks in thefuture. It would also re view the existing foreign trade agreements to see if steel could be excluded from them. This will then curb cheap imports of steel, thereby protecting the interests of domestic producers. Steel companies account for a large proportion of gross NPAs, currently at 7.7%.