How Will India's Steel Demand Growth Shape The Global Market? See What Piyush Goyal Says

India will be at the forefront of fulfilling the world's increasing demand for steel, Union Commerce and Industry Minister Piyush Goyal stated on Friday during the Steel India 2025 conference in the capital. The event was co-organised by the Ministry of Steel and the industry association FICCI.

India's Steel Strength

Minister Goyal appreciated the Indian steel sector as extremely efficient, cost-effective, and high-quality steel-producing. He added that India is not only aiming to be self-reliant (Atmanirbhar) but also friendly to world trade alliances. 

"We are not shutting doors for the world. We are opening them wider," Goyal added, indicating that India will cater to both domestic and foreign markets.

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Protecting Indian Steel against Unfair Imports

The government recently levied a 12% safeguard duty on certain steel imports to avoid unfair trade practices such as dumping and irrational pricing. Goyal stated that the action came after a thorough probe by the Directorate General of Trade Remedies (DGTR), which concluded that Indian firms were incurring losses due to cheap imports of steel.

He assured that the government is active in safeguarding Indian industry from such issues while keeping customer requirements in mind.

Support to Exporters and MSMEs

The government has concluded that exporters as well as small manufacturers (MSMEs) will still be receiving steel at international market rates. This is done so that these industries will be able to compete at an international level and also obtain inexpensive raw materials.

Goyal emphasised that by 2047, when India plans to be a developed nation, the steel industry will be at the forefront of facilitating infrastructure development and global trade.

"India will not only fulfil its own requirements but also provide for the world with competitive steel products," he asserted.