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

Canara Bank launches ‘CANARA TruEdge’ Savings and Current account

13 May 2025 | 9:11 PM

Hyderabad, May 13 (UNI) Canara Bank, one of India's premier public sector banks,on Tuesday announced the launch of "CANARA TruEdge," a specialized and feature-rich suite of Current and Savings Accounts.

see more..
LIC reports 9 91 percent year-on-year (YoY) increase in new business premium for April 2025

LIC reports 9 91 percent year-on-year (YoY) increase in new business premium for April 2025

13 May 2025 | 8:57 PM

Kolkata, May 13 (UNI) Life Insurance Corporation of India (LIC), the country’s largest life insurer, reported a 9.91 percent year-on-year (YoY) increase in new business premium for April 2025—surpassing the industry growth rate of 8.43 pc and private life insurers’ growth of 6.09 pc, as per data released by the Life Insurance Council.

see more..

MSMEs merchandise export share increased to 45 7 pc in FY24: SIDBI report

13 May 2025 | 8:19 PM

Hyderabad, May 13 (UNI) MSMEs increased their merchandise export share from 43.6 percent (FY23) to 45.7% (FY24) said Small Industries Development Bank of India (SIDBI) in its new report titled ‘Understanding Indian MSME Sector: Progress and Challenges’ released on Tuesday.

see more..
Retail inflation drops to 6-year low in April

Retail inflation drops to 6-year low in April

13 May 2025 | 6:04 PM

New Delhi, May 13 (UNI) India’s retail inflation eased to a nearly six-year low of 3.16 per cent in April, driven by a sharp decline in food prices, particularly vegetables, pulses and meat. According to data released by the Ministry of Statistics and Programme Implementation (MoSPI) on Monday, food inflation dropped to 1.78 per cent, the lowest since October 2021, from 2.69 per cent in March — a sharp decline of 91 basis points.

see more..
Bajaj Auto launches all-new Electric Bajaj GOGO auto in Hyd

Bajaj Auto launches all-new Electric Bajaj GOGO auto in Hyd

13 May 2025 | 5:50 PM

Hyderabad, May 13 (UNI) Bajaj Auto Limited, the world's most valuable two-wheeler and three-wheeler company, launched its all-new electric three-wheeler, the Bajaj GOGO Auto, in Hyderabad on Tuesday.

see more..