Minister HD Kumaraswamy welcomes decision of 12 pc safeguard duty on imported steel flat products
New Delhi [India], April 22 (ANI): Union Minister of Heavy Industries and Steel H D Kumaraswamy welcomed the decision of the Finance Ministry to impose 12 per cent safeguard duty on on imported steel flat products.
On social media site 'X' the minister said 'I welcome the 12% safeguard duty on imported steel flat products. This will protect Indian manufacturers, ensure fair competition, and boost domestic industry.'
https://x.com/hd_kumaraswamy/status/1914331513627529409
On Monday evening, India announced a temporary 12 per cent tariff on steel product imports with immediate effect. The decision was taken after the US imposed a flat 25 per cent duty on the import of steel and steel products from all countries.
The notification of the finance ministry says the 12 per cent duty on imports to India will be applicable only on 'Non-Alloy and Alloy steel flat products'. The decision is taken mainly to prevent dumping of steel in India.
'The safeguard duty imposed under this notification shall be effective for a period of two hundred days (unless revoked, superseded or amended earlier) from the date of publication of this notification,' said the notification issued by the finance ministry.
The safeguard tariffs are primarily aimed at China, which was the second-biggest exporter of steel to India behind South Korea.
The finance ministry notification has set the import prices between USD 675 per tonne to USD 964 per tonne for the five steel product categories. Any shipment imported below these import prices would attract the safeguard duty of 12 per cent effective April 21.
The safeguard duty shall not be imposed on the product categories when imported into India at or above the specified import price on CIF (cost insurance freight) basis, according to the notification.
The product categories attracting safeguard duty includes Hot Rolled coils, sheets and plates; Hot Rolled Plate Mill Plates; Cold Rolled Coils and Sheets; Metallic Coated Steel Coils and Sheets; and Colour Coated coils and sheets, whether or not profiled.
Earlier in December 2024, the Directorate General of Trade Remedies (DGTR) has started investigation into the sudden surge in imports of 'Non-Alloy and Alloy Steel Flat Products', used in various industries.
Big domestic steel manufacturers were in favour of imposing additional duty but the steel user industry was strongly opposed to it, as the safeguard duty will push raw material prices up, impacting their competitiveness.
Exporters from the MSME sectors from the engineering sector have earlier said that any move to impose additional duties on steel imports would make domestic products uncompetitive and impact the country's outbound shipments from the sector.
Safeguard duties are imposed to provide a level-playing field to domestic industry in case of sudden and significant increase in imports of a product. The measure is used when imports of a particular product increase unexpectedly to a point that they cause or threaten to cause serious impact to domestic producers. (ANI)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
16 minutes ago
- Mint
AI firms getting GPU sops may see govt at the table
New Delhi: There's no free lunch for startups eyeing subsidized access to powerful graphics processing units (GPUs) under India's AI Mission. In return for the 'grant', the ministry of electronics and information technology (Meity) is considering picking up 2-4% stake in the startups as part of its GPU allocation strategy, three founders of startups that have been shortlisted for the programme by the ministry told Mint. Four startups–Bengaluru-based Sarvam and Gurugram's Soket AI Labs, and Noida's Gan AI–have been shortlisted by New Delhi to use government-licensed GPUs. The proposed move, which signals a shift from a purely subsidy-driven approach to one that seeks the Indian government's long-term participation in the country's AI ecosystem, has sparked debate among founders and investors. While startup founders are happy with the assurance that comes with the government's skin in the game, investors raised concerns about conflict of interest. A senior government official told Mint, requesting anonymity, that taking equity in the startups 'is one of the many methods through which the government is considering rolling out the GPU access". The ministry is currently in process of vetting these methods, and a final decision on how the funding will take place may be announced in the coming months. 'An equity stake model does not have to only be through sovereign funds—under National Quantum Mission, too, startup funding is being offered in exchange for equity stakes," the official said. Also read | Sovereign silicon: India targets indigenous 2nm, Nvidia-level GPU by 2030 To be sure, the government earlier this year announced the $1.2-billion AI Mission to offer a subsidized approach to access to GPUs, which are the lifeblood of AI firms. Reason: buying GPUs is expensive–Nvidia's chips cost up to $60,000 for a single GPU system–and beyond the capabilities of India's fledgling AI startups. So, the government has roped in Hiranandani Group's Yotta Data Services, Tata Communications and others to offer access to GPUs at their data centres at about one-fourth of the market rate, or as low as $0.8 per GPU per hour. Mint's email to Meity seeking comment from an official spokesperson did not receive responses until press time. Opinions divided Some investors feel the government's move may create a conflict with both private investors as well as taxpayers. Harshjit Sethi, managing director of venture capital firm Peak XV, said that as a result of the Centre's equity stake in these startups, 'the return to the taxpayer will come from the appreciation of this equity stake, in addition to the strategic imperative that we as India should have our own AI models from scratch". Peak XV led Sarvam's seed funding round, and co-led its $41-million series-A funding round in December 2023. Such a move could create conflict for private investors, who seek profitability in exchange for large-scale investments. Three other VC partners investing in deep-tech startups told Mint that such a move may raise questions of conflict, at least in the near-term. Read this | Home-made chips: India's GPUs set for year-end trials 'It's important that the government's involvement is structured in a way that doesn't limit startups' ability to pursue global commercial opportunities," said Vishesh Rajaram, managing partner of early-stage deep-tech-only VC fund Speciale Invest. However, Rajaram added that 'if done right, the government can play the role of a catalytic capital provider—nudging innovation towards public good". 'The question would then be, should you seek to raise a large funding round and pursue a venture that gives you closer control of the venture, or do you build for public equities and scale up your business after that?" a senior industry executive and investor at an early-stage tech-focused VC fund said. 'This is a question that will need to be answered by the founders, in order to judge if a government-owned stake could raise conflicts." For others, though, the decision is to favour access to these pricey GPUs rather than protecting their stakes. Abhishek Upperwal, founder and chief executive of Soket AI Labs, said that the startup is leaning towards offering an equity stake to the Centre for access to 2,000 GPUs to train its 120-billion-parameter large language model (LLM). 'The rationale is that if the government is a stakeholder in the business, this allows us to reduce our dependence on venture capital funding—since in exchange for a minority stake, we're getting to reduce our operating costs significantly." However, this could come at the cost of focusing on public utilities, rather than a commercial business model in the near term. 'The government owning a stake is to largely ensure that public funds are used to train AI models for public utilities—here, the Centre will play the role of a mentor, and not a client," Upperwal said. Also read | No GPUs, no problem: Ziroh Labs can run AI models just with CPUs Access to ample funds is what startups believe could push them to find the government's ask of equity stakes reasonable. Industry estimates said that access to 2,000 GPUs for one year, which Upperwal's Soket AI Labs has requested for, will amount to $2.5-10 million for one year depending on consumption, even at Meity's subsidized procurement rates. Barring Sarvam, neither of the other three startups have raised such funding yet. 'Access to high capital funding from early-stage VCs in India is difficult—which is why we're happy with an equity stake model with the government. It also ensures that we're a part of the effort that the Centre is putting to develop the overall ecosystem, and we'll play a part in this in the long run. We've been looking to raise funding for two years, but building a new foundational AI architecture requires lengthy research and development (R&D) investments—which most VCs in India are not keen toward," Soket's Upperwal said. Industry veterans said that citizens will also likely need to find value in the AI applications in question, for the Centre's equity investments to qualify as a justified use of public taxpayer's money. 'Questions would arise on the use of public funds for startup investments. Globally, sovereign funds invest in commercial ventures, and use profits for public benefits and utilities. In this case, the use of public funds would come in building India's own AI ecosystem," said Kashyap Kompella, AI analyst and author. And read | Nvidia's Blackwell GPU may reach Indian shores as early as October
Mint
17 minutes ago
- Mint
Indian consumers are looking beyond colas. Jeera spices up this craving
New Delhi: Jeera or cumin, a staple spice in Indian kitchens, has triggered a battle among India's beverage makers. These companies are scaling up the production of cumin-infused drinks as the market for alternatives to colas swells. Coca-Cola, DS Group, Bisleri, and Reliance Consumer Products, alongside numerous regional brands, offer such spicy drinks. PepsiCo is reportedly eyeing an entry in the category dominated by bottles priced ₹10-20 apiece. "The unorganized segment for jeera-based beverages is estimated at ₹1,500–2,000 crore, and the per capita aerated beverage consumption in India remains 3–4 times lower than in several other Asian markets," said Nadia Chauhan, joint managing director and chief marketing officer, Parle Agro. 'That clearly signals untapped potential for growth. With strong consumer familiarity, functional relevance, and a flavour profile that aligns with Indian food habits, this category is poised for accelerated expansion," she said. "We believe it can double in size over the next three years." India's bottled beverage market is still dominated by fizzy colas. Think tank ICRIER estimates it to more than double from ₹67,100 crore in 2019 to ₹1.47 trillion by 2030. Still, the country is a vast market for traditional beverages like nimboo pani masala and aam panna, often made and consumed at home. Beverage makers have spotted an opportunity as jeera-based drinks become a popular alternative, particularly as a meal accompaniment due to their perceived functional benefits. Also read | Campa, Smoodh and now, Amul Tru: India's ₹10 beverage market is starting to get crowded Parle Agro, which launched Dhishoom for rural and small-town markets in 2012, rolled out the drink nationally last year. Compared to the scale of flagship brands such as Frooti, Appy Fizz or Smoodh, Dhishoom is still early in its journey but will carve out a differentiated space over the next 12-24 months, Chauhan said. The company expects this business to double over the next three years. Lahori Zeera, owned by Chandigarh-based Archian Foods Pvt. Ltd, plans to add six co-bottling units this fiscal. Earlier this year, Archian Foods secured ₹200 crore from Motilal Oswal Wealth. The company, founded by three cousins in 2017, plans to use these funds to expand manufacturing, transition to third-party bottling, and scale up distribution. Ethnic flavours There is a strong desire among Indian consumers for novel and ethnic flavours in non-alcoholic beverages. According to a 2023 research by market intelligence firm Mintel, 45% of Indians are interested in trying ethnic Indian flavours in packaged non-alcoholic drinks, and 41% are interested in global flavours. New flavours motivate 38% of carbonated soft drink consumers to try different beverages. Cumin is an emerging and popular flavour in both non-alcoholic beverages and yogurt drinks. Mintel sees a potential for further innovation. Smaller, homegrown brands such as Jeeru and Bindu have already established a niche in the category. Lahori Zeera aimed to target this market. 'The idea was to appeal to a more local taste palette and create mass-connect," said Nikhil Doda, co-founder & chief financial officer at Archian Foods. Read this | Hot summer forecast to boost consumer durables, beverage sales in India Over 90% of Lahori Zeera's business comes from the ₹10 price point. The brand is currently available in 17-18 states and plans to partner with at least six co-packing units or third-party bottlers this fiscal year. Demand, said Doda, has outstripped supply. 'This year, we will switch to an asset-light model; we are going into a co-bottling model similar to what other big brands do. That will help us bridge the gap between demand and supply and fast-track growth," he said. 'People from the industry, existing bottlers who vouch for the brand, are ready to invest." Noida-based DS Group, which sells candies and spices, launched its Catch Jira drink in mid-2016. 'Jeera is known to enhance flavour and aroma in food preparation, but it is also perceived to be a digestive, which is driving the consumer interest in the beverage segment," said PS Bedi, business head, drinks, DS Group. In 2018, Coca-Cola relaunched Rimzim jeera beverage, a brand it acquired from Parle in the 1990s. However, the category hasn't scaled beyond select markets for the beverage major. Read this | Bisleri to double sales in two years; not selling business: Jayanti Chauhan 'It is available in the rural markets of Gujarat, Karnataka, and a few rural parts of Northern India. Based on consumer insights, jeera flavoured drinks are being consumed and are gaining popularity among older consumers," a company spokesperson said. 'Rooted in indigenous taste preferences, it offers a refreshing addition to Coca-Cola's beverage portfolio in India." PepsiCo declined to comment on its future product pipeline. But those in the beverage industry said the company is planning a beverage under its Nimbooz refreshment brand. Bisleri also declined to comment. Pricing challenge While the market is growing, the ₹10 price point remains a challenge due to high taxation on sugary, aerated drinks. It is absolutely not sustainable as the category attracts goods and services tax of 28% and a 12% cess—a total of 40%, said Bedi from DS Group. Local retailers Mint spoke to said they typically sell the product in bulk or packs of 24 priced at ₹240. Parle Agro and Lahori Zeera remain committed to this price point. 'Frooti is nearly 40 years old and continues to be available at ₹10. We've also successfully built Smoodh at that same entry point in the dairy category," said Chauhan. Doda of Lahori Zeera said the ₹10 price point drives significant volumes. 'Having said that, competition has become intense," he said. 'The category has attracted more big boys." And read | Competition a positive force, keeps us sharp: Coca-Cola president Murphy
Mint
18 minutes ago
- Mint
Mint Primer: AI's twin impact: Better security, worse dangers
AI and generative AI are proving to be double-edged swords, boosting cyber defences while also enabling threats like deepfakes, voice cloning and even attacks by autonomous AI agents. With over two-thirds of Indian firms hit by such threats last year, how do we keep up? What sets AI-powered cyberthreats apart? AI-powered cyberthreats supercharge traditional attacks, making phishing, malware, and impersonation faster, stealthier, and more convincing. GenAI tools create deepfakes, polymorphic malware that mutates constantly, and generate personalized phishing emails. AI bots test stolen credentials, bypass CAPTCHAs that detect bots using puzzles, and scan networks for vulnerabilities. Tools like ChatGPT are used to send 100,000 spam emails for just $1,250. Symantec researchers have shown how AI agents like OpenAI's Operator can run a phishing attack via email with little human intervention. Also read: Artificial intelligence may cause mass unemployment, says Geoffrey Hinton; 'Godfather of AI' reveals 'safe' jobs How big is this threat for India? Nearly 72% of Indian firms faced AI-driven cyberattacks in the past year, reveals an IDC–Fortinet report. Key threats include insider risks, zero-day exploits (attacks before developers can fix software bugs, offering zero defence on day one), phishing, ransomware, and supply chain attacks. These threats are rising fast—70% saw cases double, 12% saw a threefold surge. These attacks are harder to detect. The fallout is costly: 56% suffered financial losses, 20% lost over $500,000, the report noted. Data theft (60%), trust erosion (50%), regulatory fines (46%), and operational disruptions (42%) are the other top business impacts. The threats are evolving. Are we? Only 14% of firms feel equipped to handle AI-driven threats, while 21% can't track them at all, notes IDC. Skills and tool gaps persist, mainly in detecting adaptive threats and using GenAI in red teaming (when ethical hackers mimic real attackers to test a firm's cyber defences). Other gaps include lean security teams, and few chief information security officers. Also read: Google flags over 500 million scam messages monthly as cybercrime soars in India What about laws on AI-led cybercrime? Most countries are addressing AI-related cybercrime using existing laws and evolving AI frameworks. In India, efforts rely on the IT Act, the Indian Computer Emergency Response Team, cyber forensics labs, global ties, and the Indian Cybercrime Coordination Centre under the Union home ministry, which oversees a cybercrime portal logging 6,000 daily cases. The draft Digital India Act may tackle AI misuse. While several states are forming AI task forces, a national AI cybersecurity framework may also be needed. Also read: Israeli startup Coralogix to invest bulk of $115 million fundraise in India How to build cyber defence for AI threats? Evolving AI threats call for AI-savvy governance, regular training, and simulations. Firms must adopt an 'AI vs AI" defence, train staff on phishing and deepfakes, enforce Zero Trust (every access request must be verified) and multi-factor authentication, and conduct GenAI red-team drills. Airtel, for instance, now uses AI to block spam and scam links in real time; Darktrace uses self-learning AI to detect threats without prior data. Cyber insurance must also cover reputational and regulatory risks.
