Steel Industry Seeks Protectionist Measures in Anticipated Budget

The Indian steel industry anticipates protectionist moves in the forthcoming Union Budget to prevent dumping. Industry leaders emphasize the need for infrastructure focus, fiscal incentives, and measures against unfair trade to sustain growth, amidst challenges from increased exports to India by FTA countries.

The Indian steel industry is gearing up for potential protectionist measures in the upcoming Union Budget aimed at safeguarding against dumping. Key industry leaders expressed their anticipations, highlighting the need for strategic government intervention.

According to AMNS India CEO Dilip Oommen, the government should persist with infrastructure development initiatives while easing business operations. Jayant Acharya of JSW Steel emphasized the necessity for a level playing field and protection against unfair trade practices to maintain the sector's growth momentum.

With the Union Budget for fiscal year 2025-26 set to be presented by Finance Minister Nirmala Sitharaman on February 1, industry figures like Abhyuday Jindal and Anubhav Kathuria have called for increases in customs duties and additional fiscal incentives. These measures are expected to counteract the high input costs and substantial challenges faced in 2024, driven largely by competitive exports from China and FTA nations.

(With inputs from agencies.)