The Indian steel industry has sought tariff adjustments and policy intervention from the government to check rising imports, according to a statement issued by the Indian Steel Association (ISA) on Wednesday, March 6.
It said that there was an urgent need for policy adjustments to counter trade imbalances effectively and noted that the limitations of India’s existing “lesser duty regime”, which necessitates a minimum 15-month period for implementing trade-related actions, leaving the country vulnerable to such situations.
To mitigate the impact of surging imports, industry leaders are advocating for the imposition of tariffs, non-tariff barriers, and a re-evaluation of free trade agreements. These measures aim to protect domestic steel producers and support indigenous production capabilities, ISA, secretary general Alok Sahay said in the statement.
The steel sector’s plea for tariff adjustments underscores the significance of maintaining a balanced trade environment to safeguard India’s industrial interests and promote self-reliance in the steel industry, it said.