India's Steel Industry Thrives Amid Global Tariff Challenges
The imposition of US tariffs is unlikely to significantly impact India's steel industry, as domestic consumption is rapidly increasing, according to Steel Secretary Sandeep Poundrik. With robust growth and minimal steel trade with the US, India's steel producers are poised to increase capacity and production.
- Country:
- India
India's steel industry is set to remain resilient despite the United States imposing tariffs, thanks to booming domestic consumption, Steel Secretary Sandeep Poundrik announced on Wednesday.
Speaking at the 'FT Live Energy Transition Summit India', Poundrik noted that India's steel exports to the US constitute a minute fraction of the country's 152 million tonnes production. Consequently, the tariffs are not expected to severely impact Indian producers.
With India achieving a milestone of over 100 kilograms per capita consumption and anticipating a rise to between 225 to 240 million tonnes by 2030, domestic demand alone continues to drive the industry forward, outpacing the relevance of international tariffs.
(With inputs from agencies.)
Advertisement
ALSO READ
ADB Reaffirms Long-Term Partnership with FSM on Resilience and Growth
Ganesh Consumer Products Set for IPO to Fuel Growth in Eastern India
Indian Markets Resilient Amid US Tariffs, Reports Bank of Baroda
Indian Steel Industry Unfazed by US Tariffs as Domestic Demand Surges
World Bank Warns Rising Heat Threatens Health, Economy, and Growth in Bangladesh
Google News