Government Pledges to Safeguard Domestic Steel Industry

Union Minister H.D. Kumaraswamy assures measures to protect domestic steel, including discussing higher duties on Chinese steel imports. Discussions with Finance Minister Nirmala Sitharaman are underway. The government aims to enhance steel production to 300 million tons annually.

Union Minister for Heavy Industries and Steel, H.D. Kumaraswamy, has vowed that the central government will take all necessary steps to protect the domestic steel sector, particularly against the challenges posed by cheap Chinese steel. His comments came during the Domestic Alloy Industry Conference in New Delhi, organized by the Indian Primary Alloy and Ferroalloy Association (IPAFA).

Addressing concerns over uncontrolled Chinese steel imports, Kumaraswamy indicated that discussions would soon be held with Finance Minister Nirmala Sitharaman about imposing higher import duties on Chinese steel. He emphasized that safeguarding the domestic steel and alloy industries is paramount, and the government will not allow these sectors to be compromised.

Dubbing steel as the backbone of the country's economy, Kumaraswamy affirmed the ministry's commitment to strengthening the industry. He also addressed ongoing protests against the privatization of the Visakhapatnam National Steel Plant, saying efforts are being made to stabilize and save the plant. The minister reiterated the government's goal of achieving 300 million tons of annual steel production, a target set by the Prime Minister.

(With inputs from agencies.)