Safeguarding Steel: DGTR Proposes 12% Duty to Protect Indian Industry

The Directorate General of Trade Remedies has recommended a 12% safeguard duty on certain steel products to protect domestic manufacturers from rising imports. The investigation revealed a significant surge in imports from countries like China, threatening the local industry. The finance ministry will make the final decision.

On March 18, the Directorate General of Trade Remedies (DGTR) proposed a 12 percent safeguard duty on specific steel imports for 200 days to mitigate the effect of rising imports on local industry.

Findings revealed a significant influx, particularly from China, Japan, Korea, and Vietnam, which threatened India's domestic steel sector. Some manufacturers advocate the duty to combat China's excess capacity overflow, while opposition comes from MSME exporters concerned about competitiveness.

The proposed measure, pending finance ministry approval, aims to provide temporary relief and level the playing field, allowing Indian manufacturers to recover from the import surge.

(With inputs from agencies.)