India needs to be watchful of rising steel imports and it “would be a pity” if the situation continues in the long term, after imports surged 38 percent to 8.319 million mt in the fiscal year 2023-24, Tata Steel CEO and managing director T. V. Narendran warned in a statement on Monday, April 29.
If imports are unfair, it is up to the government to check them, he said.
He said that Indian steel consumption was expected to grow by 8-10 percent in the fiscal year 2024-25.
Domestic steelmakers have been raising concerns about increasing imports from certain countries, including China, and are seeking the government's intervention on the issue. Domestic players have also been demanding a curb on imports and a review of free trade agreements (FTAs) with several countries.
“I do not think reviewing FTAs would be easy. But that's for the government to decide," Narendran said.