India's Steel Surge: Boosting Global Demand Amid Protective Measures

Union Minister Piyush Goyal asserts India's strategic role in global steel demand while safeguarding the domestic industry from unfair practices. Speaking at the Steel India 2025 event, he emphasized India's self-reliance and competitiveness. The government imposed a steel import duty, ensuring fairness and support for exporters and MSMEs.

Union Minister Piyush Goyal declared India's potential to significantly influence global steel demand in a strategic move to bolster the domestic industry's safety. In a keynote at the Steel India 2025 conference, he highlighted the government's success in shielding local producers from unfair market practices.

Hosted by the Ministry of Steel and the industry body Ficci, the event underscored India's commitment to self-reliance and international cooperation. Goyal assured that exporters and MSMEs would receive steel at global prices, maintaining competitive parity.

Recently, the government imposed a 12% safeguard duty on steel imports, a measure Goyal noted was crucial under Prime Minister Narendra Modi's vigilant administration. This initiative aims to moderate steel dumping and irrational pricing, balancing stakeholder demands while reinforcing India's growing industrial presence.

(With inputs from agencies.)