Commerce and Industry Minister Piyush Goyal on Tuesday urged India’s steel industry to report any instances of end-users relying on ‘irrational’ steel imports to the government and assured them that a multi-pronged battle is being waged to address the concerns arising from Europe’s proposed Carbon Tax on imports.
Speaking at the Indian Steel Association’s annual conclave, Mr. Goyal said: “I would like you to let me know if anybody is continuing to import steel that is available in India at competitive prices, irrationally, please do let my Ministry know so that we can work together to ensure that irrational exports do not sully Indian manufacturing demand, and let the industry grow.”
Nudging steel firms to ramp up their capacities so that India’s output of the critical infrastructure input doubles to 300 million tonne a year by 2030 if not earlier, the Minister said the government is pursuing better market access and terms of trade for them in Free Trade Agreements (FTAs).
“We have either got very high value-added norms or melt and pour to make sure the industry is protected from any dumping from the developed world of materials that have very low value addition or which are not actually produced in that country. No body can misuse the FTA access that India will open up while ensuring that India will get access for our steel and engineering products,” he emphasised.
Stressing that there was no complacency about India’s stance on the European Union’s Carbon Border Adjustment Mechanism (CBAM) that will kick in from 2026 on imports of products like steel and aluminium, Mr. Goyal said that unfair taxes won’t be accepted and the government will get other countries on board and is taking it up with the World Trade Organization (WTO) “very, very seriously”.