Call for Steel Protectionism Amid Rising Imports in India
India's steel industry faces mounting challenges from rising imports, prompting calls for protectionist policies. Jindal Stainless MD Abhyuday Jindal emphasizes sufficient local production but warns of impacts on investments due to imported competition. A dedicated National Stainless Steel policy is advocated to bolster the domestic market.
- Country:
- India
Amidst rising steel imports, Jindal Stainless Managing Director Abhyuday Jindal urged the need for protectionist measures, highlighting India's capacity to meet local demand. Speaking at an Indian Chamber of Commerce event, Jindal stressed the importance of safeguarding the country's steel industry.
Countries with limited steel production, such as those in the Middle East and Canada, have adopted similar protective measures, following the lead of the US and Europe. Jindal commended government efforts to curb substandard imports from countries like China and Vietnam.
Industry data reveals India's installed stainless steel capacity at 7.5 MT, with significant potential for growth if policy and demand conditions improve. Jindal proposed a National Stainless Steel policy and taxonomy to support the sector amid increasing imports that threaten investment in the industry.
(With inputs from agencies.)
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