Tuesday, Jan 22 2019 | Time 11:32 Hrs(IST)
  • Amit Shah to address rally in Malda; Start-up to LS poll
  • Powerful quake rocks central Indonesia, not potential for tsunami
  • Jammu-Kishtwar-Ramban road blocked for traffic due to snow, landslide; schools closed in Udhampur
  • Ohio plane crash: 2 killed
  • Shimla, Manali wrapped in white blanket; treat for tourists
  • Mexico pipeline explosion: Death toll climbs to 91
  • Modi's unplanned development destroyed Varanasi's charm, says Cong leader Ajay Rai
  • Blizzard weather: Kashmir highway remains closed for 2nd consecutive day
  • 2019: Global economy to see ‘steady’ growth of 3 pc despite risks
  • Encounter ensues in Kashmir's Shopian
  • Australian PM asks Indonesian president to "show respect," keep terrorist in prison
  • Giuliani tries to distance himself from statement on Trump tower Moscow talks
  • 6 0-magnitude quake jolts Indonesia
  • PM Modi to address Brigade rally after poll schedule announcement
  • India signs MoU with Srilanka in building modern infrastructure for Swami Vipulanada Institute of Aesthetic Studies
Business Economy Share

Negotiations on with US over tariff imposed on steel imports: Minister

Negotiations on with US over tariff imposed on steel imports: Minister

New Delhi, Sep 14 (UNI) India is negotiating with the US on 25 per cent import tariff imposed on steel, the Government said on Friday.

"Negotiations are still going on there may be some sort of understanding, (but) if we have to take certain steps to safeguard our interest, we will certainly take," Union Steel Minister Chaudhary Birender Singh said while inaugurating an Assocham Steel Summit held here.

He said the issue likely to be discussed at the global forum on steel excess capacity to be held in Paris on September 19-20. "Actually that conference is on how to curtail the excess production to avoid imbalance in trade but this issue will also crop up there."

Mr Singh said while India is on its way to become world's second largest steel producer and will be the leader in consumption growth in the world in next 5-10 years but it will have to focus on value addition and production as per country's requirements.

"Attaining cost leadership, achieving best quality standards, producing wide range of products and maximum value addition will be crucial for maintaining our leadership position in the global steel industry," said the Minister.

Talking about the global challenges being faced by India's steel sector, Mr Singh highlighted trade issues with the US and European Union (EU), sudden change in rupee exchange value, dumping of steel by other countries and fluctuation in raw material prices.

"At home logistics and transportation of raw material and finished products, upcoming expiry of mining licences in 2020 and resultant auction of mines and others are few of the challenges," he said.

The Minister added that the government is aware of the challenges which are dynamic and large-scale, and is working in tandem with other stakeholders to overcome the same. "Our Ministry is keeping a close watch on international developments affecting steel market and are in constant touch with Ministry of Commerce and Finance Ministry to take remedial measures as and when required as we have done in the past."

Highlighting the need to increase exports and decrease imports, he said, "That is possible only if our products are competitive and meet the price quality and delivery requirements."

India will have to go much beyond the minimum stipulated quality standards to become top quality steel producer. "Steel producers in India both big and small, will have to move to clean and green technologies to attain self-sufficiency not only in steel production but also in building equipment and material for making steel plants is critical."

Mr Singh said India should promote innovation instead of technology transfer and encourage scientists and engineers to move in different direction.

In his address, Assocham president Sandeep Jajodia lauded the Government for taking number of proactive measures to ensure rapid growth of Indian steel sector.


More News

Jana Small Finance Bank launches Current Account with unique Auto-Sweep facility

21 Jan 2019 | 10:05 PM

Kolkata, Jan 21 (UNI) Jana Small Finance Bank has launched Current Account with Auto-Sweep facility.

 Sharesee more..
IDRBT to hold Intl conference on ISBA 2019

IDRBT to hold Intl conference on ISBA 2019

21 Jan 2019 | 9:28 PM

Hyderabad, Jan 21 (UNI) The Institute for Development & Research in Banking Technology (IDRBT) is organising the Fifth IEEE International Conference on Identity, Security and Behavior Analysis (ISBA 2019), a premier international conference here from January 22-24.

 Sharesee more..
ICICI Bank launches a premium savings account, 'The One'

ICICI Bank launches a premium savings account, 'The One'

21 Jan 2019 | 8:22 PM

New Delhi, Jan 21 (UNI) ICICI Bank on Monday announced the launch of a new range of premium savings account.

 Sharesee more..
IIFL Finance bonds worth Rs 2000 cr issue opens on Jan 22

IIFL Finance bonds worth Rs 2000 cr issue opens on Jan 22

21 Jan 2019 | 8:11 PM

Hyderabad, Jan 21 (UNI) IIFL Holdings Limited on Monday announced that its subsidiary, India Infoline Finance Limited (IIFL Finence), a leading Non-Banking Financial company, will open a public issue of bonds on Tuesday to raise up to Rs 2,000 for business growth and expansion.

 Sharesee more..
Kia showcases two world-class cars

Kia showcases two world-class cars

21 Jan 2019 | 8:06 PM

Puducherry, Jan 21(UNI) Kia Motors, world’s 8th largest automaker, during a design tour in Pondicherry showcased two of their world-class cars on Monday.

 Sharesee more..