Govt Implements Measures to Boost Domestic Steel Industry, Reduce Imports

Breaking News

India–US Trade Tensions Rise Over Steel and Auto Tariffs NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis

Govt Implements Measures to Boost Domestic Steel Industry, Reduce Imports

Business 22 Mar 2025 02:32 PM IST constructionworld

The Indian government has introduced new policy measures to strengthen domestic steel production and curb imports, ensuring a competitive market for local manufacturers. The initiative aligns with India’s vision of self-reliance in steel and aims to reduce dependence on foreign suppliers.

Key Measures

Higher Import Duties: The government is considering raising import duties on certain steel products to discourage excessive imports.
Production Incentives: Incentives for steelmakers adopting advanced technology and sustainable practices.
Quality Control Regulations: Strict enforcement of BIS standards to prevent low-quality steel imports.

Expected Impact

Boost to Domestic Steelmakers: Policies will enhance the competitiveness of Indian steel producers.
Reduced Import Reliance: Stricter regulations and tariffs will curb inflows of foreign steel, particularly from China and Southeast Asia.
Industry Growth: Increased government support will drive investment, job creation, and capacity expansion.

Also Read : Nippon Steel Profit Drops 36%, Exceeds Expectations SAIL to Expand Rourkela Steel Plant Capacity to 9 MT by 2030

Breaking News