India is considering tightening its steel import regulations to address dumping, where foreign companies sell goods below market prices. This move aims to protect the domestic steel industry by enforcing stricter quality controls and certification for imported steel.
Concerns have risen over the influx of low-cost steel, particularly from China, which undercuts India’s steel producers. As the world’s second-largest steel producer, India’s industry has struggled with cheaper imports affecting demand for locally produced steel.
The proposed measures include stricter checks to ensure imported steel meets Indian safety and quality standards. This is intended to curb substandard imports and protect consumers and industries relying on high-quality steel.
Experts believe the new regulations could reduce steel imports, especially from countries accused of dumping. While details are still being finalized, the government is expected to implement these reforms soon.
The tighter norms align with India’s ‘Make in India’ initiative, promoting domestic production and reducing reliance on imports. By encouraging the use of locally sourced steel, the government hopes to strengthen the industry, create jobs, and support infrastructure projects.
This shift could impact global steel trade, with exporting countries facing new challenges in meeting India’s stricter standards. Meanwhile, India’s steel producers stand to gain from a more level playing field, potentially increasing demand and stabilizing the market.
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