The Union Steel and Heavy Industries Minister, Shri H. D. Kumaraswamy, stated that he is in favor of the government’s move to impose a 12% duty (referred to as a “safeguard duty”) on importing certain grades of steel. This move is intended to shield Indian steel firms from an excess of steel imports, which were causing difficulty for domestic enterprises to compete.

The Minister stated this tax will actually benefit Indian companies, particularly small and medium ones, which were in trouble due to cheaper steel imports from abroad. He opines that this action will cause the market to become more stable and Indian steel producers to be more confident.

He also expressed gratitude to Prime Minister Shri Narendra Modi for his leadership and support through the Atmanirbhar Bharat (self-reliant India) initiative. The Minister assured that the government will continue to work closely with all the stakeholders to ensure that India’s steel industry remains robust, self-reliant, and competitive with the world.