The Ministry of Steel, under Union Minister H.D. Kumaraswamy, has proposed a 25% safeguard duty on the import of specific steel products to protect the domestic steel industry. This recommendation emerged during a high-level meeting in New Delhi with Commerce and Industry Minister Piyush Goyal, senior officials, and executives from top steel companies, including SAIL, Tata Steel, JSW Steel, and AMNS India.
The proposal aims to address challenges faced by the domestic steel sector and promote self-reliance in heavy industries. Kumaraswamy emphasized the importance of collaboration between ministries to facilitate ease of business and enhance global competitiveness.
Minister Goyal echoed this sentiment, highlighting the critical role of steel and metallurgical coke industries in India’s development. “We aim to foster innovation, boost domestic production, and position India as a global manufacturing hub,” Goyal stated on X (formerly Twitter).
The move is part of a broader strategy to strengthen India’s heavy industries, ensuring their growth aligns with the country’s vision of becoming a self-reliant and globally competitive economy.
