Now Reading: Goyal asks Japan to buy Indian steel, backs safeguard duty
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Goyal asks Japan to buy Indian steel, backs safeguard duty
Union Minister Piyush Goyal has urged Japanese companies to source steel from India, defending the government's decision to impose a safeguard duty on lower-grade steel imports. Speaking at an industry event, Goyal…
Union Minister Piyush Goyal has urged Japanese companies to source steel from India, defending the government's decision to impose a safeguard duty on lower-grade steel imports. Speaking at an industry event, Goyal said India has taken a balanced approach by taxing only basic grades, while allowing higher-grade steel to be imported freely.
Goyal's pitch comes amid growing concerns among domestic steelmakers about a surge in imports from East Asian countries. The safeguard duty, aimed at protecting local manufacturers, has drawn scrutiny from trading partners. The minister emphasised that the measure is calibrated to shield domestic industry without disrupting supply for high-end applications.
Indian Opinion Analysis
India is a net exporter of steel to Japan, but the trade dynamic shifts with cheaper Chinese steel routed through Southeast Asia. The safeguard duty, notified by the Directorate General of Trade Remedies, typically lasts two years with a review clause. Goyal's direct pitch to Japanese buyers signals the government wants to pre-empt any formal dispute at the WTO while keeping the duty in place. The next trigger to watch is the monthly import data from the steel ministry, which will show if the tariff is actually slowing inbound shipments of lower-grade steel.
Source: ndtvprofit.com
This story was synthesised by AI from the source linked above.
