India on Monday imposed 10 per cent import tax on polybutadiene rubber sourced from South Korea in an attempt to support local producers, the government said.
Duty-free imports were earlier allowed form South Korea under a bilateral agreement. The 10 per cent duty would be effective until January 28, 2021, the government said.
The move could raise the production cost of tyre makers such as MRF, Apollo Tyres and Ceat, but help polybutadiene rubber producer Reliance Industries.
