India's Steel Sector Set for Global Expansion with Focus on FTAs and Self-Sufficiency: Piyush Goyal
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Synopsis
Union Commerce Minister Piyush Goyal highlighted India's steel industry's potential for both domestic and global demand, emphasizing the pursuit of free trade agreements and self-reliance.
Key Takeaways
- India's steel industry is a major player in the global market.
- Initiatives for free trade agreements are ongoing.
- Focus on self-reliance while engaging internationally.
- Protection against unfair trade practices is a government priority.
- Negotiations for key trade agreements are progressing.
Mumbai, April 25 (NationPress) The steel sector in India is gearing up to fulfill both national and international demand, as highlighted by Union Commerce Minister Piyush Goyal on Friday.
The minister underscored India's status as a highly efficient, cost-effective, and premium quality steel producer, asserting that this industry will not only meet the rising domestic consumption but also significantly aid global demand in a fiercely competitive landscape.
"The nation is actively engaging in free trade agreements (FTAs) with various countries and regional groups, including the European Union (EU), the United Kingdom (UK), the United States (US), and New Zealand, to enhance access for its steel products," Goyal stated during the Steel India 2025 event.
"India is persistently aimed at self-reliance (Atmanirbharta). However, when we discuss Atmanirbharta, we are not isolating ourselves from the global market. In fact, we are expanding our reach because each nation possesses its competitive advantages for various products," the minister explained.
Currently, India is negotiating approximately 10 to 12 such agreements to ensure that its steel, renowned for its cost-effectiveness and premium quality, reaches global markets, the Union Minister added.
Goyal further emphasized that India's steel industry is well-equipped to satisfy the rising global demand while also fulfilling domestic needs.
“The government is vigilant and proactive in defending the steel industry from unfair trading practices," he remarked.
"India has implemented measures to protect its industry from the dumping of steel at unreasonably low prices, as identified in a quasi-judicial investigation by the Directorate General of Trade Remedies (DGTR)," Goyal pointed out.
India's commitment to enhancing its steel sector is evident in its diplomatic initiatives to connect with key trading partners.
As the global trade landscape becomes increasingly unpredictable, India's pursuit of FTAs is vital for maintaining access to international markets.
The trade agreement with the UK is reportedly nearing completion, and discussions for the proposed bilateral trade agreement (BTA) with the US are progressing ahead of schedule.
