Daijiworld Media Network - New Delhi
New Delhi, Apr 21: Union Minister for Steel and Heavy Industries, HD Kumaraswamy, has commended the central government's decision to implement a 12 percent safeguard duty on the import of specific non-alloy and alloy steel flat products. He emphasized the necessity of this measure to protect domestic steel manufacturers from the negative effects of increased imports and to foster equitable market competition.
“This move will provide critical relief to domestic producers, especially small and medium-scale enterprises, who have faced immense pressure from rising imports. The safeguard duty will help restore market stability and reinforce the confidence of the domestic industry,” stated the minister.
Kumaraswamy expressed his appreciation to Prime Minister Narendra Modi for his leadership and unwavering support in bolstering strategic sectors under the Atmanirbhar Bharat vision. He reaffirmed the Ministry's dedication to collaborating with all stakeholders to ensure the Indian steel sector's resilience, self-sufficiency, and global competitiveness.
Simultaneously, data released by the Commerce and Industry Ministry indicates a 3.8 percent increase in the combined index of eight core industries in March 2025 compared to the same month in the previous year.
Significant growth was observed in the production of cement, fertilizers, steel, electricity, coal, and refinery products during March. Notably, steel production surged by 7.1 percent, driven by increased construction activity and investments in large-scale infrastructure projects. The overall growth in steel output from April to March reached 6.7 percent compared to the corresponding period of the preceding year.
India is on track to achieve a steel production capacity of 300 million tonnes (MT) and a per capita consumption of 160 kg by 2030, according to government projections. During the fiscal year 2025 (April to December), the production of crude steel reached 110.99 MT, while finished steel production stood at 106.86 MT. [Note: External sources project India's crude steel production to reach around 165 MT in the calendar year 2025.]