New Delhi, March 12 : The government said it has taken several steps to safeguard the domestic steel manufacturers and to strengthen competitiveness of India’s steel industry, as the US announces imposition of 25 per cent tariff on steel and aluminium products on most favoured nation (MFN) basis from March 12.
The government continues to engage with the US to achieve enhancement and broadening of bilateral trade ties in a mutually beneficial and fair manner, according to the Minister of State for Steel and Heavy Industries, Bhupathiraju Srinivasa Varma, in a written reply in the Lok Sabha.
“Countervailing Duty (CVD) is in place for Welded Stainless Steel Pipes and Tubes from China and Vietnam. In the Union Budget 2024-25, Basic Customs Duty (BCD) has been reduced from 2.5 per cent to Nil on Ferro-Nickel and Molybdenum ores and concentrates which are raw materials for steel industry,” he informed.
BCD exemption on Ferrous Scrap has been continued upto 31.03.2026. The exemption on specified raw material for manufacture of Cold Rolled Grain Oriented (CRGO) steel has been continued up to 31.3.2026.
“Further, the exemption has also been extended to such specified raw materials for manufacture of CRGO Steel falling under tariff item 7226 11.00,” the minister added.
Production-Linked Incentive (PLI) scheme for Specialty Steel is to promote the manufacturing of ‘Specialty Steel’ within the country and reduce imports by attracting capital investments.
The anticipated additional investment under the PLI Scheme for Specialty Steel is Rs 27,106 crore with downstream capacity creation of around 24 million tonnes (MT) for specialty steel, according to the government.
Steel is a deregulated sector and the government acts as a facilitator by creating a conducive policy environment for the development of steel sector in the country.
Directorate General of Trade Remedies (DGTR) conducts anti-dumping investigations, under the Customs Tariff Act, 1975 and the rules made thereunder, on the basis of a duly substantiated application filed by the domestic industry alleging dumping of goods into the country causing injury to the domestic industry.
The basic intent of anti-dumping measures is to eliminate injury caused to the domestic industry by the unfair trade practice of dumping and to create a level playing field for the domestic industry.
As on date, 151 Indian Standards stands notified under the Quality Control Order covering carbon steel, alloy steel and stainless steel. (IANS)