Government Steps In: Safeguard Duty Boosts Indian Steel Industry

The Indian government has introduced a 12% safeguard duty on imported flat steel products, aimed at stabilizing the domestic steel market. This measure, supported by Naveen Jindal, President of the Indian Steel Association, addresses global trade imbalances and supports domestic steel capacity and economic growth.

The Indian government's imposition of a 12% safeguard duty on imported flat steel products aims to bolster the domestic industry amid global trade challenges.

Naveen Jindal, the President of the Indian Steel Association, endorsed this move as a strategic measure to maintain market stability and ensure consistent supply for consumers and infrastructure projects.

The safeguard duty, effective from April 21, 2025, will decrease slightly in the subsequent two years, delivering a phased approach to stabilizing and strengthening the domestic steel sector.

(With inputs from agencies.)