India to ensure no steel import in guise of finished products


The Centre today said it will ensure that steel products are not imported in the guise of utensils or finished products. “We are keeping an eye on that (import of steel in guise of finished products). We will not allow such kind of practice even in trade,” Union Minister of Steel Chaudhary Birender Singh told reporters after addressing a meeting of the National Steel Consumers’ Council here. Stating that India has been successful in reducing import of steel by 37 per cent during 2016-17, Singh said the reduction of imported steel was mostly from China. This had happened because of India’s anti-dumping measures and also due to withdrawal of the Minimum Import Price (MIP), he said.

“But, one thing which I want to make clear is, can we talk of anti-dumping duty? There is still some steel products, in the guise of utensils or in the guise of finished products, those can… find way to our country,” Singh said. Stating that the steel sector has been growing at a steady Compound Annual Growth Rate (CAGR) of about 7 per cent, he said the country’s steel export registered a 102 per cent growth from 4.08 MT in 2015-16 to 8.20 MT in 2016-17. However, India’s per capita steel consumption remained at only 64 kg, which needs to be increased to 160 kg as the country is planning to produce 300 million tons of steel by 2013-31, the Union Minister said.

“We are going to increase the country’s steel consumption rate in a big way. As the Centre has earmarked Rs 4 lakh crore for the infrastructure sector, the steel sector should take advantage of it to enhance the consumption rate,” Singh said adding, the Railways alone have plans to spend Rs 1.32 lakh crore in its expansion. Of the Rs 4 lakh crore earmarked for infrastructure sector, the steel sector can easily get 10 per cent of its share, which is estimated to be Rs 40,000 crore.

Source: PTI

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