Get Instant Loan up to ₹10 Lakh!
Protectionist measures can shield steel sector from dumping: Industry players ahead of Budget
Protectionist measures can shield steel sector from dumping: Industry players ahead of Budget
New Delhi, Jan 29 (PTI) Domestic steel makers said they are expecting protectionist measures in the upcoming Budget to safeguard the sector from dumping.
AMNS India CEO Dilip Oommen said he expects the government to continue its focus on infrastructure development while enhancing the ease of doing business.
Finance Minister Nirmala Sitharaman will present the Union Budget for the 2025-26 financial year in Parliament on February 1, 2025.
JSW Steel Joint MD & CEO Jayant Acharya said a level-playing field and measures against unfair trade will be essential for maintaining growth momentum of the Indian steel industry.
Synergy Steels Managing Director Anubhav Kathuria said the Budget may also consider fiscal incentives and logistical support to offset high input costs, which squeezed out margins in 2024.
JSL MD Abhyuday Jindal said, "We urge the government to raise the basic customs duty on stainless steel products to 15 per cent for all non-free trade agreement countries."
These steps will further strengthen the domestic stainless steel sector and position it as a vital driver of India's Viksit Bharat@2047 vision, he said.
Ritabrata Ghosh, Vice President & Sector Head, Corporate Ratings, ICRA, said, "Current year 2024 was a challenging year for the domestic steel players, as the industry witnessed earnings pressure amidst steel exports from China and other FTA countries being diverted in large volumes to high-growth markets like India."
"The Indian steel sector is passing through a crucial phase in terms of demand and supply. We wish for government projects to proceed with full throttle, which will augment demand and improve the industry's health. A target of 300 MMT is achievable with active government support," Goodluck India CEO Ram Aggarwal said.
Rajamani Krishnamurti, President of Indian Stainless Steel Development Association, said the industry expects tax benefits and subsidies for adopting green steel technologies to align with the country's carbon reduction goals and foster innovation in sustainable manufacturing.
It also expects the government to retain export duties on chrome ore to secure domestic supply and prevent resource depletion.
Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
Business NewsIndustryProtectionist measures can shield steel sector from dumping: Industry players ahead of Budget
First Published:29 Jan 2025, 09:16 PM IST
- Top Gainers
- Top Losers
- 52 Week High