HD Kumaraswamy Vows to Protect Indian Steel Industry from Import Threats

Union Minister of Steel and Heavy Industries, H.D. Kumaraswamy, underlined that the government remains committed to protecting India’s steel industry from unfair trade practices. While discussing increasing imports and changing global trade scenarios, Kumaraswamy spoke about the focus of the Ministry on building local production, increasing export avenues, and encouraging green steel projects.

“We are monitoring the steel imports, especially from the Free Trade Agreement (FTA) partner countries very closely. Various measures including anti-dumping duties, safeguard measures and stricter quality control norms will be looked into so that excessive imports can be checked and the field leveled.”

The Minister also spoke to the issue of rising trade barriers from Europe. He said that diplomatic engagement with European nations and multilateral organizations would ensure fair trade practices in line with WTO guidelines. While on this, the alternative export market is being looked at by the governments in ASEAN, the Middle East, and Africa to reduce dependence on Europe.

The government has unveiled its ambitious Green Steel Mission to achieve India’s 2070 net-zero carbon emission goals, according to Kumaraswamy while throwing light on the policy of his government.”We are promoting research, supporting pilot projects for green steel, and encouraging the use of green hydrogen. Fiscal incentives, including tax benefits and subsidies, are being rolled out to attract private investments,” he stated.

While global worries about over-supply and dumping, especially from China, the Ministry is seen to be acting to protect local producers. These include tracking imports, expanding product lines, and securing raw materials. The state-owned SAIL and NMDC are in the process of modernization and capacity addition despite the current slump in prices.

The Minister expressed confidence in the long-term growth of India’s steel sector, fueled by infrastructure development and manufacturing under initiatives like “Make in India” and “Aatmanirbhar Bharat.” Kumaraswamy projected a robust 12-13% annual steel demand growth, with the National Steel Policy 2017 targeting a production capacity of 300 million tonnes by 2030-31.

Our focus is on having India as an independent and competitive participant in the global steel market while addressing a sustainable future,” he concluded.