Jindal seeks duties on steel imports to shield MSMEs, boost Make in India

Business Standard

04-06-2025

Jindal Stainless Chairman Ratan Jindal on Wednesday urged the government to protect the industry and livelihood of people by imposing appropriate duties on surging imports from select countries.
The industry leader made the remarks while addressing the Global Stainless Steel Summit (2025) in Mumbai.
"Today, low-priced imports from China and Vietnam persist across numerous industries, including stainless steel.
In this context, it is essential that we collectively take a stand to protect our industry, particularly MSMEs, and the livelihood of our people, by imposing appropriate duties on these countries. I request the government's continuous support in this regard," he said while addressing the gathering.
Jindal said many countries with excess production disrupt the level-playing field, particularly for the MSME sector. They divert surplus stainless steel through nations with free trade agreements with India or through ASEAN countries like Vietnam.
"We have all witnessed how Indian industries like textiles, electronics, and machinery have been severely impacted by the aggressive export policies of countries like China and Vietnam," he said.
India's installed stainless steel capacity stands at 7.5 MT, with a current utilisation of about 60 per cent, indicating significant potential for ramp-up, provided the right policy environment and demand momentum are sustained.
He said future investment in stainless steel is bound to get impacted. As domestic capacities are lying idle and 30 per cent of the consumption is still coming from imports.
He also advocated for a separate policy to promote the interests of stainless steel sector.
"We, thus, need a policy ecosystem that is conducive to domestic manufacturing and consistent in favouring Make in India in the long term.
"Only then will we be able to claim our rightful position in the global stainless steel industry," Jindal said.
Later, addressing the media, JSL Director Vijay Sharma said on behalf of the industry, ISSDA will be filing and application with Directorate General of Trade Remedies (DGTR) this month to investigate the dumping of stainless steel items into the domestic market from select group of countries.
India's stainless steel imports rose to 1.73 million tonnes in FY25, with China, Indonesia, Vietnam and South Korea being the major contributors to the shipments, as per the market research firm BigMint.