Minister Goyal Urges Domestic Focus at India Steel Summit

Commerce Minister Piyush Goyal emphasized the importance of prioritizing domestic suppliers over imports at the India Steel 2025 summit. He highlighted the new 12% safeguard duty on imports to protect local industries. Goyal also stressed the need for self-reliance and robust supply chains, while pursuing trade agreements globally.

During the India Steel 2025 summit, Commerce and Industry Minister Piyush Goyal urged domestic industries to prioritize local suppliers over imports. He emphasized the need for a resilient, self-reliant supply chain, drawing attention to a new 12% safeguard duty imposed to protect India's steel industry from dumping and curtail unwanted imports.

Goyal highlighted past instances where neglect of domestic industries led to their downfall, citing how Indian metcoke manufacturers were not supported, resulting in the industry's decline. Urging companies to avoid harming Indian suppliers by choosing cheaper imports, Goyal stressed the importance of long-term thinking over short-term savings.

Goyal referenced moves by advanced countries toward self-reliance and reshoring, using them as a wake-up call for India. He urged the industry to report any attempts to misuse the 'Made in India' label through transshipment. Emphasizing India's ambition to produce 300 million tons of steel by 2030, he also discussed efforts to secure global market access for Indian steel through free trade agreements, presenting opportunities amid national infrastructure expansion.