Business News | Government Working to Safeguard Steel Industry: MoS Bhupathiraju
Get latest articles and stories on Business at LatestLY. Minister of State for Steel Bhupathiraju Srinivasa Varma said on Monday that the government is taking steps so that the problems faced by the steel industry get resolved.
New Delhi [India], September 9 (ANI): Minister of State for Steel Bhupathiraju Srinivasa Varma said on Monday that the government is taking steps so that the problems faced by the steel industry get resolved.
"There is an impact presently (of the US tariffs). We are taking some steps, and in futur,e there will not be a problem," the minister said on the sidelines of the ISA Steel Conclave in the national capital today.
The US tariff on Indian goods stands at a steep 50% and has been effective since August 27.
The tariff could impact India's significant export of steel and iron products, affecting small and medium enterprises (MSMEs) in the sector. The United States currently has a 50% tariff on imported steel.
This tariff applies to most countries, except the UK, and includes finished products containing a proportion of steel.
Estimates say that India's steel industry contributes approximately 2% to the nation's GDP. The sector has a key role in achieving India's vision of Atmanirbhar Bharat and the Make in India initiative.
The Union minister stated that India aims to increase its crude steel production to 300 million tonnes by 2030, up from the current 200 million tonnes.
The minister said that the government has acted swiftly on GST reforms in line with the announcment made by Prime Minister Narendra Modi. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)