+
India Stands Firm on Steel Tariffs Despite China Relations
Steel

India Stands Firm on Steel Tariffs Despite China Relations

India’s planned steel tariffs remain undeterred by recent improvements in diplomatic relations with China, indicating the country’s commitment to protecting its domestic steel industry. These tariffs on steel imports are being considered by the Indian Ministry of Commerce as a strategic move to shield Indian steel producers from volatile global prices and potential market disruptions, especially given China's historically significant influence on global steel supply and pricing.

China, as one of the largest producers and exporters of steel, has a considerable impact on the global market. Fluctuations in Chinese supply often lead to pricing instability, which can negatively affect Indian producers. This tariff move aligns with India's broader economic self-reliance initiative, Atmanirbhar Bharat, aimed at strengthening domestic production across key industries, including steel, which is critical for infrastructure and construction projects.

India has taken proactive steps in recent years to boost its steel industry, with government-backed programs supporting local production and encouraging investments in capacity expansion. The tariff plans are part of these protective measures, designed to prevent an influx of cheaper imports that could undermine local steel producers. Analysts suggest that tariffs could create a more stable environment for domestic companies, allowing them to invest more confidently in innovations and expansions to meet the rising demand driven by infrastructure projects and urbanization.

Though a potential thaw in relations between India and China could open doors for trade in various sectors, India appears resolute on its strategic autonomy in steel production. A well-regulated steel sector is crucial for India’s infrastructure push, as the government seeks to modernize and expand its cities, transportation, and industrial capacities.

These tariffs will not only support economic stability but also position India as a significant player in the global steel industry. The stance underscores India’s balanced approach to foreign relations and economic protectionism, ensuring that diplomatic progress does not compromise the nation’s long-term economic goals.

India’s planned steel tariffs remain undeterred by recent improvements in diplomatic relations with China, indicating the country’s commitment to protecting its domestic steel industry. These tariffs on steel imports are being considered by the Indian Ministry of Commerce as a strategic move to shield Indian steel producers from volatile global prices and potential market disruptions, especially given China's historically significant influence on global steel supply and pricing. China, as one of the largest producers and exporters of steel, has a considerable impact on the global market. Fluctuations in Chinese supply often lead to pricing instability, which can negatively affect Indian producers. This tariff move aligns with India's broader economic self-reliance initiative, Atmanirbhar Bharat, aimed at strengthening domestic production across key industries, including steel, which is critical for infrastructure and construction projects. India has taken proactive steps in recent years to boost its steel industry, with government-backed programs supporting local production and encouraging investments in capacity expansion. The tariff plans are part of these protective measures, designed to prevent an influx of cheaper imports that could undermine local steel producers. Analysts suggest that tariffs could create a more stable environment for domestic companies, allowing them to invest more confidently in innovations and expansions to meet the rising demand driven by infrastructure projects and urbanization. Though a potential thaw in relations between India and China could open doors for trade in various sectors, India appears resolute on its strategic autonomy in steel production. A well-regulated steel sector is crucial for India’s infrastructure push, as the government seeks to modernize and expand its cities, transportation, and industrial capacities. These tariffs will not only support economic stability but also position India as a significant player in the global steel industry. The stance underscores India’s balanced approach to foreign relations and economic protectionism, ensuring that diplomatic progress does not compromise the nation’s long-term economic goals.

Next Story
Technology

Minda, Qualcomm Join Forces for Smart Auto Cockpit Tech

Minda Corporation Limited, the flagship of the Spark Minda Group, has announced a strategic partnership with Qualcomm Technologies, Inc. to develop intelligent and connected cockpit solutions for the Indian automotive market. The upcoming smart interface will be powered by Qualcomm’s Snapdragon Cockpit Platform.Commenting on the collaboration, Suresh D, Group CTO of Minda Corporation, said, “This partnership with Qualcomm Technologies marks a major milestone in advancing Minda’s digital cockpit capabilities. By utilising Qualcomm’s cutting-edge automotive platforms, we can now offer se..

Next Story
Infrastructure Transport

Railways Spent Rs 604.7 Billion on Passenger Subsidy in FY24

New Delhi – The Indian Railways provisionally spent Rs 604.7 billion in subsidies during the financial year 2023–24, covering 45 per cent of passenger travel costs, Railway Minister Ashwini Vaishnaw informed the Lok Sabha on Wednesday.In a written response to questions from multiple Members of Parliament regarding the recent rail fare hike, Vaishnaw stated that the Indian Railways continues to offer one of the most affordable transport services globally, ferrying over 7.2 billion passengers annually."The total amount of subsidy provided in FY 2023–24 on passenger travel is provisionally ..

Next Story
Infrastructure Urban

Auto Sector Can Cut Emissions by 87% by 2050: CEEW

India’s automobile industry could reduce its manufacturing emissions by 87 per cent by 2050 through a shift to green electricity and low-carbon steel, according to a study released by the Council on Energy, Environment and Water (CEEW).The report estimates that if original equipment manufacturers (OEMs) and their suppliers target net-zero emissions by 2050, annual emissions could fall from a projected 64 million tonnes of CO₂ (under the business-as-usual scenario) to just 9 million tonnes. This would require OEMs to adopt 100 per cent green electricity and steel suppliers to source 56 per ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?