India Steel Conclave 2025: Industry Experts hail 12% safeguard duty tax, says will boost domestic industry

New Delhi [India], July 25 (ANI): The 12 per cent safeguard duty imposed on steel imports has been hailed as a strategic move which will significantly strengthen the domestic steel industry, according to industry leaders.

Industry experts gathered at the India Steel Conclave 2025 held in the national capital on Friday.

Sanjay Singh, Director of Strategy and External Relations at Jindal Steel, highlighted the crucial role the safeguard duty has played in insulating Indian manufacturers from the influx of low-cost steel from foreign markets.

I mean, 12 per cent of safeguard duty which has been imposed by the Government, that is having a tremendous impact. I have spoken to people in the steel sector, they have given their views that it has provided them with a good cushion against any kind of imports from cheaper economies. It has had a very positive impact, Singh stated while talking exclusively with ANI.

He also highlighted the transformative potential of the PLI scheme for speciality steel manufacturing.

It has a tremendous impact. It is based on our Prime Minister thought of Atmanirbhar Bharat. A lot of such steel products, which were not manufactured in India, are now being produced here. Of course, some time gap is required for the creation of infrastructure. Phase one of the PLI was rolled out in 2022. Phase 2 is also being rolled out, with a particular focus on steel products that are expected to experience immense demand soon, Singh said.

Echoing the sentiment, Swati Agrawal, CEO and President - Advisory at CARE Analytics and Advisory Pvt Ltd, also praised the government proactive stance for steel Industry growth.

I think the government very well not only very well prepared, I think theyve really laid out decent policies, and they are moving in the direction, Agrawal observed, pointing to broader policy coherence that supports long-term industrial growth.

The Central Government imposed a 12 per cent safeguard duty in April this year with an aim to protect the domestic steel industry from a sudden and sharp increase in steel imports.

The safeguard tariffs are primarily aimed at China, which was the second-biggest exporter of steel to India behind South Korea. The government has set minimum import prices for five steel product categories ranging from USD 675 per tonne to USD 964 per tonne. Any shipment imported below these prices will attract a 12 per cent safeguard duty. (ANI)

Disclaimer: This news article is a direct feed from ANI and has not been edited by the News Nation team. The news agency is solely responsible for its content.