HD Kumaraswamy Endorses 12% Safeguard Duty to Protect Indian Steel Industry
Click to start listening
Synopsis
Union Minister HD Kumaraswamy lauds the government's decision to enforce a 12 percent safeguard duty on imports of specific steel products, aimed at supporting domestic producers and ensuring fair market conditions.
Key Takeaways
- HD Kumaraswamy supports 12% safeguard duty.
- Measure protects local steel manufacturers.
- Boost for small and medium enterprises.
- India targets 300 MT steel production by 2030.
- Steel output increased by 7.1% in March.
New Delhi, April 21 (NationPress) Union Minister for Steel and Heavy Industries, HD Kumaraswamy, on Monday expressed his approval of the government’s decision to implement a 12 percent safeguard duty on the importation of specific non-alloy and alloy steel flat products.
This action is a timely and crucial measure aimed at shielding local steel producers from the negative effects of increased imports, ensuring fair competition within the sector.
“This initiative will provide essential relief to domestic manufacturers, particularly small and medium-sized enterprises, who have been under significant pressure due to rising imports. The safeguard duty is expected to restore market stability and bolster the confidence of the local industry,” the minister stated.
Kumaraswamy conveyed his appreciation to Prime Minister Narendra Modi for his guidance and ongoing support in enhancing strategic sectors under the Atmanirbhar Bharat vision.
He reaffirmed the Ministry’s dedication to collaborating with all parties to ensure that the Indian steel industry remains robust, self-sufficient, and competitive on a global scale.
Meanwhile, the aggregate index of eight core industries saw an increase of 3.8 percent in March 2025 compared to the same month in the previous year, as per data released by the Commerce and Industry Ministry.
The production of cement, fertilizers, steel, electricity, coal, and refinery products experienced positive growth in March this year.
Steel production increased by 7.1 percent in March over the same period last year, driven by heightened construction activities and investments in large infrastructure projects. The growth in steel output from April to March now stands at 6.7 percent compared to the same timeframe last year.
The Indian government aims to reach a steel production capacity of 300 million tonnes (MT) and a per capita consumption of 160 kg by 2030.
In FY25 (April to December), crude steel production reached 110.99 MT while finished steel production was 106.86 MT.
