Steel Ministry Moves to Safeguard Domestic Industry

The steel ministry is in talks with the finance ministry to introduce policy measures curbing steel imports, including a minimum import price. Union Minister H D Kumaraswamy aims to protect the domestic steel industry and strengthen Rashtriya Ispat Nigam Limited amidst ongoing privatisation protests.

The steel ministry is currently engaged in discussions with the finance ministry to craft policy measures geared towards curbing the rising imports of steel, including the imposition of a minimum import price. This action aims to protect the domestic steel industry, Union Minister H D Kumaraswamy stated on Wednesday.

Acknowledging that controlling steel imports is the 'main issue,' the steel minister reported ongoing efforts to bolster the domestic alloy industry. When queried about the likelihood of a Minimum Import Price on steel, the minister confidently responded, 'Definitely, we will convince the finance ministry. Preliminary discussions are already underway. I am confident that we will secure approval. The approach to implementing these duties will be finalized soon.'

Kumaraswamy also emphasized his commitment to rejuvenating Rashtriya Ispat Nigam Limited (RINL), which has been under protest for the last 1.5 years due to plans for its privatisation. 'The RINL challenge is significant, but I am committed to reviving RINL. I will not let it down,' he affirmed while speaking on the sidelines of an event.

(With inputs from agencies.)