Union Steel Minister HD Kumaraswamy said on Wednesday that he would attempt to persuade the Ministry of Finance to raise duties on steel imports to 10–12% from the current 7.5%.
The minister expressed dismay in the manner in which China was disposing its steel into India, and said many players from the steel industry visited him in the past two months and discussed the issues they were facing and how it affected the growth of the steel industry.
"The problem which you are facing from China for that I will try to convince... the finance ministry to look at (raising the duty on steel imports) from 7.5% tax to 10–12% tax," Kumaraswamy said while speaking at the Fifth Steel Conclave organised by the Indian Steel Association.
Kumaraswamy also noted the importance of dealing with challenges such as the global demand slowdown, especially from the consequences of a demand meltdown in China.
He said the Ministry of Steel is committed to making sure that the journey towards self-reliant India in steel remains undeterred. He said that the Indian steel industry is on the brink of reaching new heights.
"We have seen demand grow at double-digit rates over the last three years, and this year is no exception. At the Ministry of Steel, we are confident in the growth story of Indian steel. However, I understand the challenges that lie ahead," he said.
The minister further said that by investing in the latest technologies and optimising the processes, the carbon footprint can be reduced significantly.
"Hydrogen holds immense potential as a clean fuel for steel production. While there are challenges to overcome, we must invest in research and development to accelerate its commercialisation," the minister added.
(With Inputs From PTI)
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
