Latest News | Fearing Dumping Post US Tariffs, JSL MD Presses for 25 Pc Duty on Stainless Steel Imports into India
Get latest articles and stories on Latest News at LatestLY. Jindal Stainless' managing director Abhyuday Jindal on Thursday pressed for a duty of up to 25 per cent for imports to protect domestic manufacturers against a possible dumping of goods into the country.
Mumbai, Feb 13 (PTI) Jindal Stainless' managing director Abhyuday Jindal on Thursday pressed for a duty of up to 25 per cent for imports to protect domestic manufacturers against a possible dumping of goods into the country.
US President Donald Trump's decision to impose a 25 per cent import tax on steel and aluminum will be beneficial for the domestic industry, he said, explaining that such a tariff has been slapped on India since Trump's first term and the latest move will create a level playing field.
However, the US move may lead to products from across the world reaching India, which continues to be a growing market, he said.
"If other markets are all getting closed, then they will come to India because India is growing. There is only a basic 7.5 per cent customs duty which is not enough," Jindal told reporters on the sidelines of an event here.
"We need some kind of support from the government, some kind of protection, some support to Indian manufacturers needs to be given," he added.
The industry wants a level playing field, and an import duty of 20-25 per cent would be essential, he said.
At present, Indian stainless steel is operating at a capacity utilization of 60-65 per cent which leaves them with sufficient capacity to address the demand, he said.
Already, many manufacturers have turned into importers as it is cheaper to do so, he said.
If a duty hike is not done by the government, the industry's investment decisions will take time, he said, adding that JSL itself has decided to wait and watch for a quarter before taking a call.
He said there is no slowdown in the consumption demand in the country, and added that the per capita stainless steel consumption has increased to 3.1 kg now from 2.6 kg in 2015.
As the country's GDP and income levels rise, the demand will only go up, he added.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)