India's Steel Ministry Backs Import Tax

22 Oct 2024 CW Team

India's Steel Ministry is reportedly advocating for the imposition of a temporary tax on steel imports to protect the domestic industry from a recent surge in foreign steel entering the market. The ministry's proposal aims to safeguard local steelmakers from the price volatility and competitive pressures posed by imported steel, which could destabilize the industry. The proposed tax would act as a short-term measure to stabilize the market and ensure a level playing field for domestic producers.

This move comes in response to concerns raised by industry stakeholders about the increasing volume of steel imports, which they argue undermines local production and disrupts the supply chain. The tax would help mitigate the impact of low-priced imports, particularly from countries like China, which have been flooding the global market with cheaper steel products. By introducing this measure, the ministry seeks to support local steelmakers in maintaining competitive pricing and profitability.

India’s domestic steel industry has faced significant challenges due to fluctuating global steel prices, and the government’s intervention is seen as crucial to protecting the sector from further disruptions. The ministry's stance reflects broader efforts to bolster domestic manufacturing and reduce dependency on foreign imports. Additionally, the move aligns with India's goals of promoting self-reliance and strengthening its industrial base in key sectors like steel.

If implemented, the temporary tax could offer much-needed relief to local steelmakers, helping them navigate the current market dynamics and maintain stability amid global uncertainties. However, the proposal is still under discussion and awaits approval from the government, as officials weigh the potential impact on trade relations and domestic demand.

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..