Business EconomyPosted at: Apr 22 2025 7:34PM


Naveen Jindal welcomes 12 pc Safeguard Duty on steel lmport

Kaithal, Apr 22 (UNI) Naveen Jindal, President of the Indian Steel Association and Chairman of Jindal Steel and Power, has welcomed the decisive move to shield its domestic steel industry from a surge of low-priced imports.
The union government has imposed a 12% safeguard duty on certain flat steel products for 200 days, effective April 21, 2025.
This temporary measure aims to curb the influx of cheap steel imports, primarily from China, South Korea, and Japan, which accounted for 78% of India's finished steel imports in the fiscal year 2024-25.
The Directorate General of Trade Remedies (DGTR) recommended this duty following an investigation initiated in December 2024. The probe revealed that the sharp increase in imports of non-alloy and alloy steel flat products was causing significant injury to domestic producers. India, the world's second-largest crude steel producer, became a net importer of finished steel for the second consecutive year, with imports reaching a nine-year high of 9.5 million metric tons in 2024-25.
The safeguard duty is expected to provide much-needed relief to domestic steelmakers, particularly small and medium-sized enterprises, who have faced immense pressure from rising imports. Industry leaders, including JSW Steel, Tata Steel, the Steel Authority of India, and ArcelorMittal Nippon Steel India, have supported the imposition of import curbs.
Naveen Jindal, President of the Indian Steel Association and Chairman of Jindal Steel and Power, was pivotal in advocating for this safeguard duty. He stated, "We are grateful for the government’s decisive move to impose a 12% safeguard duty on flat steel products, much needed to stop imports arriving at predatory prices. This support will help investors to focus with renewed vigour for a capacity build-up towards 300 million tons by 2030 for an Aatmanirbhar Bharat and will set the cornerstone for a Viksit Bharat."
India's National Steel Policy 2017 sets an ambitious target to increase the country's steel production capacity to 300 million tons by 2030. Achieving this goal requires substantial investment and confidence in the domestic market, both of which are bolstered by protective measures like the newly imposed safeguard duty.
The government's action aligns India with other countries seeking to control foreign steel imports and protect domestic manufacturing sectors. By creating a level playing field, the safeguard duty is expected to reinvigorate investor confidence and accelerate the sector’s contribution to national growth.
As the steel industry looks ahead, the implementation of the safeguard duty marks a significant step towards strengthening India's self-reliance and economic resilience.
UNI SS SJC
Please log in to get detailed story.
Tags: #Naveen Jindal welcomes 12 pc Safeguard Duty on steel lmport
More News

RINL CMD Prabhakar Meets Visakhapatnam District Collector

22 May 2026 | 1:04 AM

Visakhapatnam, May 21 (UNI) Rashtriya Ispat Nigam Limited (RINL) Chairman and Managing Director M. N. V. S. Prabhakar on Thursday met Visakhapatnam District Collector M. Abhishikth Kishore and discussed various issues related to the Visakhapatnam Steel Plant.

see more..

21 May 2026 | 11:05 PM

Bengaluru, May 21 (UNI) A regulatory shift in India’s automotive ecosystem has quietly turned into a powerful growth engine for Bosch Limited, which one Thursday reported a 13.8% profit after tax for FY 2025–26, even as it rode a sharp surge in two-wheeler demand triggered by the rollout of OBD-II norms.

see more..

Aurobindo Pharma Q4 Net Profit Rises 2 pc to Rs 921 Crore; FY26 Revenue Crosses Rs 33,650 Crore

21 May 2026 | 10:35 PM

Hyderabad, May 21 (UNI) Aurobindo Pharma Limited on Thursday reported a consolidated net profit of Rs.921 crore for the fourth quarter ended March 31, 2026, registering a 2 per cent increase compared to Rs.903 crore reported in the corresponding quarter of the previous financial year.

see more..

Telangana mango farmers access global markets through SERP initiative

21 May 2026 | 9:18 PM

Hyderabad, May 21 (UNI) Small and medium mango growers in Telangana are gaining access to national and international markets through collective marketing initiatives promoted by the Society for Elimination of Rural Poverty (SERP).

see more..

21 May 2026 | 9:11 PM

Mumbai, May 21 (UNI) Adani Power officially announced here on Thursday that it has purchased a 24% stake in Jaiprakash Power Ventures Ltd (JPVL) and the 180 MW Churk thermal power plant located in Uttar Pradesh, for approximately Rs 2,993.6 crore, as part of a resolution plan approved by the NCLT for Jaiprakash Associates Ltd (JAL).

see more..