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🔹 ICRA projects a 50% drop in steel imports if safeguard duty is imposed.
🔹 Higher tariffs and quality controls expected to support domestic steel.
🔹 Move to boost local manufacturing and reduce import reliance.
According to a report by ICRA, India’s steel imports could decline by nearly 50% in FY2025-26 if the government imposes a safeguard duty. The move aims to protect domestic manufacturers from a surge in cheaper imports, particularly from Free Trade Agreement (FTA) countries.
The safeguard duty is expected to curb inflows of lower-cost steel while stabilizing domestic prices. With demand rising in key sectors like construction and infrastructure, the measure could strengthen Indian steelmakers' market position.
Experts suggest that along with tariffs, stricter quality norms and trade policies will further reduce import dependency, benefiting the local industry. The government’s focus on self-reliance and manufacturing growth underpins this strategy.
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