Jindal Stainless Ltd (JSL) has approached the government, requesting intervention to address the escalating steel product imports from certain countries, including China. The company’s Managing Director, Abhyuday Jindal, emphasized the need for measures like anti-dumping duty (ADD) and countervailing duty (CVD) on these imports. Official data reveals an increase in India’s total steel imports from China, Japan, Vietnam, Saudi Arabia, Russia, Nepal, and the USA in June 2023 compared to the previous year.
JSL also advocates for a separate policy structure for the stainless steel sector, as the existing rules and policies affect them despite the unique challenges they face. The Indian stainless steel industry operates below capacity and seeks government support to ensure fair competition. The industry hopes for a favorable decision on imposing CVD to tackle the dumping of subsidized stainless steel by China in India.
At the very end it can be concluded that, the issue raised out by JSL is indeed the need of the hour. India, the nation cites itself with “Make In India” , and definitely created a poignant mark in the history through this initiative – yet steel imports and profit margins continue to rise ( China). Prioritizing and supporting Indian goods is essential to ensure the country reaps the benefits within its borders.