India Takes Protective Measures for Steel Industry

The Directorate General of Trade Remedies has officially announced a three-year safeguard duty on steel imports, starting at 12%. This decision comes in response to a significant increase in shipments, particularly from China, and a notable 76% decline in domestic profits.

Opposition from Various Stakeholders

Over 250 stakeholders, including leading automakers and electronics companies, have voiced their opposition to this move. They argue that the duty will lead to higher input costs, limit access to critical grades of steel, and weaken India's export competitiveness.