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The Reserve Bank of India (RBI) has warned that cheap steel imports and dumping from select countries are adversely affecting India’s domestic steel industry, calling for policy-level interventions to protect local producers.
In its latest economic bulletin, the RBI noted that low-priced imports, especially from China, Vietnam, and South Korea, have led to pricing pressures for Indian manufacturers, despite steady domestic demand. The central bank emphasized the need for comprehensive trade and fiscal measures to ensure a level playing field for domestic steelmakers.
The report stated that while India’s steel demand remains robust, unregulated imports are undermining profitability and hurting capacity utilization across several medium and small producers. Analysts suggest that the government may need to consider anti-dumping duties or import restrictions to stabilize the market.
The RBI further highlighted that supporting the steel sector is crucial for sustaining infrastructure-led growth, given the industry’s deep linkages with construction, automotive, and manufacturing segments.
The observations come amid rising concerns from industry bodies urging the government to curb dumping and promote self-reliance in core industrial sectors.
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