Tata Steel CEO Urges Government Action on Rising Steel Imports

Tata Steel CEO T.V. Narendran has expressed growing concern over the surge in steel imports, particularly from China, and is calling for immediate government intervention. Narendran highlighted the challenges faced by the domestic steel industry due to unfair pricing practices by Chinese exporters. He emphasized the need for protective measures, such as safeguard duties or increased customs tariffs, to curb cheap imports and promote local investment. The Steel Ministry has reportedly requested the Finance Ministry to double the basic customs duty on imported finished steel products from 7.5% to 15% in the upcoming budget. Narendran remains optimistic about India's steel demand growth but stresses the importance of addressing import challenges to ensure the industry's competitiveness.
Source: The Economic Times