Safeguard Duty on Steel: Industry's Stand on Import Protection
Naveen Jindal, President of ISA, supports a 12% safeguard duty on imported steel products to protect domestic manufacturers. Although hoping for 25%, Jindal respects the DGTR's decision amid global pricing challenges. Domestic demand is projected to grow, recovering from weather-related setbacks.
- Country:
- India
In a significant move, industrial leader Naveen Jindal expressed contentment with the proposed 12% safeguard duty on imported steel products, intended to protect local manufacturers against a surge in imports.
The Directorate General of Trade Remedies (DGTR) recommended the duty after probing a complaint filed by the Indian Steel Association. Despite preferring a higher duty, Jindal respects the DGTR's decision, though he indicated readiness to revisit the issue if import challenges persist.
Jindal highlighted that global steel prices are pressured due to rerouted exports following US tariffs. Despite local disruptions due to flooding, steel demand in India is expected to register double-digit growth by FY26.
(With inputs from agencies.)
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