Govt protecting India's domestic steel industry from dumping; sector to play key role in global steel demand: Piyush Goyal
New Delhi: India is set to make a major contribution to global steel demand, Union Commerce and Industry Minister Piyush Goyal said on Friday, while underscoring the government's efforts to shield the domestic industry from unfair trade practices and irrational pricing, media reports said.
Speaking at the Steel India 2025 event in New Delhi, jointly organised by the Ministry of Steel and industry body FICCI, Goyal assured that both exporters and the MSME sector would continue to have access to steel at international prices, according to a PTI report.
"India is consistently focused on self-reliance (Atmanirbharta). But when we talk about Atmanirbharta, we are not closing the doors to the world. We are in fact opening the doors wider because every country will have its competitive advantages for different products," he was quoted as saying by PTI.
Goyal praised the Indian steel sector as a highly efficient, cost-effective and high-quality producer, stating, "This is one sector where we will not only meet the growing needs of India as it grows into a developed nation by 2047, but we will also be meeting the needs of the world in a very, very competitive environment."
He reiterated that "India is poised to contribute significantly to global steel demand, and grow the steel industry by leaps and bounds."
On the government's recent move to impose a 12 percent safeguard duty on steel imports, Goyal said the Modi government remains "vigilant and proactive" in defending Indian industry against unfair trading practices.
"But we also balance the demands and needs of the customer. And therefore, we have been able to protect the steel industry from unfair dumping of steel and irrationally low prices that was detected through the quasi judicial inquiry that was done by the DGTR," he added.
Even as the safeguard duty is enforced, Goyal emphasised that exporters and MSMEs will continue to procure steel at global benchmark prices.
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