The Government of India has released its annual budget, which included specific tariff reductions on sensitive items. According to the February 28 document, the basic customs duty on raw silk was reduced from 30 percent to five percent; stainless steel scrap is now exempt from the customs duty; and the cement industry will now benefit from a reduction in duty on two raw materials: petcoke and gypsum, which duties were reduced to two and one-half percent. In an effort to maintain its domestic steel supply, the Government of India increased an export duty for all types of iron-ore to 20 percent. The Government of India also announced its plans to release a national manufacturing policy in the near future.