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India’s steel industry is facing a significant challenge from a surge in imports, which has become a “warning signal” for the country’s efforts towards self-reliance (Atmanirbharta). Finished steel imports into India grew by 38% in 2023-24 to 8.319 million tonnes, up from 6.022 million tonnes in the previous fiscal year. The Indian Steel Association (ISA) has expressed concern over India becoming a net importer of steel, stating that the “surge in predatory imports from China is a big threat to the Atmanirbharta in steel.”
Industry leaders have called for urgent trade remedial actions to arrest the inflow of these imports, which they say are undermining the domestic steel industry’s growth and investments. Reducing the “lesser duty rule” that benefits importers has also been demanded, to prevent steel-surplus countries from exploiting India’s growth momentum. Restricting steel imports is seen as crucial to safeguarding investments and ensuring robust GDP growth in the country.
The focus has also been on enhancing the cost competitiveness of domestic steel products, with calls to reduce import duties on key raw materials like ferro-nickel, molybdenum concentrate, and ferro-molybdenum. Aligning with the National Steel Policy’s goal of 300 million tonnes of annual production capacity by 2030 remains a priority, requiring the industry to strategize ways to address the challenge of rising imports.
Citations:
[1] https://directorstalk.net/palm-oil-rises-on-strong-exports
[2] https://twitter.com/NDTVProfitIndia/status/1805175281776222481
[3] https://economictimes.indiatimes.com/industry/indl-goods/svs/steel/steel-industry-says-surge-in-imports-warning-signal-for-countrys-atmanirbhar-mission/articleshow/109164500.cms
[4] https://www.civilsdaily.com/news/indias-steel-sector-advancements-challenges-and-global-position-in-2024/
[5] https://www.cnbctv18.com/economy/india-working-on-pli-for-steel-sector-in-2024-industry-players-await-steps-to-curb-steel-imports-18646001.htm
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