India's Steel Ministry Backs Import Tax
Steel

India's Steel Ministry Backs Import Tax

India's Steel Ministry is reportedly advocating for the imposition of a temporary tax on steel imports to protect the domestic industry from a recent surge in foreign steel entering the market. The ministry's proposal aims to safeguard local steelmakers from the price volatility and competitive pressures posed by imported steel, which could destabilize the industry. The proposed tax would act as a short-term measure to stabilize the market and ensure a level playing field for domestic producers.

This move comes in response to concerns raised by industry stakeholders about the increasing volume of steel imports, which they argue undermines local production and disrupts the supply chain. The tax would help mitigate the impact of low-priced imports, particularly from countries like China, which have been flooding the global market with cheaper steel products. By introducing this measure, the ministry seeks to support local steelmakers in maintaining competitive pricing and profitability.

India’s domestic steel industry has faced significant challenges due to fluctuating global steel prices, and the government’s intervention is seen as crucial to protecting the sector from further disruptions. The ministry's stance reflects broader efforts to bolster domestic manufacturing and reduce dependency on foreign imports. Additionally, the move aligns with India's goals of promoting self-reliance and strengthening its industrial base in key sectors like steel.

If implemented, the temporary tax could offer much-needed relief to local steelmakers, helping them navigate the current market dynamics and maintain stability amid global uncertainties. However, the proposal is still under discussion and awaits approval from the government, as officials weigh the potential impact on trade relations and domestic demand.

India's Steel Ministry is reportedly advocating for the imposition of a temporary tax on steel imports to protect the domestic industry from a recent surge in foreign steel entering the market. The ministry's proposal aims to safeguard local steelmakers from the price volatility and competitive pressures posed by imported steel, which could destabilize the industry. The proposed tax would act as a short-term measure to stabilize the market and ensure a level playing field for domestic producers. This move comes in response to concerns raised by industry stakeholders about the increasing volume of steel imports, which they argue undermines local production and disrupts the supply chain. The tax would help mitigate the impact of low-priced imports, particularly from countries like China, which have been flooding the global market with cheaper steel products. By introducing this measure, the ministry seeks to support local steelmakers in maintaining competitive pricing and profitability. India’s domestic steel industry has faced significant challenges due to fluctuating global steel prices, and the government’s intervention is seen as crucial to protecting the sector from further disruptions. The ministry's stance reflects broader efforts to bolster domestic manufacturing and reduce dependency on foreign imports. Additionally, the move aligns with India's goals of promoting self-reliance and strengthening its industrial base in key sectors like steel. If implemented, the temporary tax could offer much-needed relief to local steelmakers, helping them navigate the current market dynamics and maintain stability amid global uncertainties. However, the proposal is still under discussion and awaits approval from the government, as officials weigh the potential impact on trade relations and domestic demand.

Next Story
Infrastructure Energy

Samridh, CEID Launch High-Capacity Biogas Plant in Moradabad

Samridh Bioenergy has broken ground on a 12 TPD compressed biogas (CBG) plant in Moradabad, Uttar Pradesh, under the MNRE’s National Bioenergy Programme. Spread across 12 acres, the plant will process 270 tonne of organic waste daily and generate 30,000 cubic metre of biogas per day.CEID Consultants and Engineering Pvt Ltd has been appointed as the EPC contractor, responsible for the complete design, procurement, and construction of the plant. Equipped with four multi-feed digesters, the facility will accept a mix of press mud, cow dung, chicken litter, and vegetable waste, supporting contin..

Next Story
Real Estate

Delhi Micro-Markets Drive Up Housing Prices: Grihum Study

A new study by Grihum Housing Finance reveals that the rise of micro-markets across Delhi-NCR is fuelling real estate price appreciation, especially in the affordable housing segment. Key drivers include renewed post-pandemic interest, migration trends, and government schemes like PMAY.According to the study, over the past two decades, floor rates have risen 267 per cent, from Rs 1,500 per sq ft in 2005 to Rs 5,500 in 2024. In the same period, land rates surged 492 per cent, from Rs 1,300 to Rs 7,700 per sq ft. The sharp increase highlights strong capital appreciation in Delhi’s emerging loc..

Next Story
Resources

Covestro Develops PCR Polycarbonates from End-of-Life Headlamps

Materials manufacturer Covestro has launched post-consumer recycled (PCR) polycarbonates made from end-of-life automotive headlamps, in a move aimed at strengthening circularity in the auto industry. These TÜV Rheinland-certified grades, containing 50 per cent recycled content, are now commercially available for new automotive applications.Developed under a joint programme led by GIZ, with Volkswagen and NIO as key partners, the recycled material is currently being validated for use in future vehicle models.""This new line of polycarbonate represents a significant step in supporting the autom..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?