World Economy

India Minister Wants Steel Sector to Face Global Competition

India Minister Wants Steel Sector to Face Global CompetitionIndia Minister Wants Steel Sector to Face Global Competition

Asserting that the steel sector has started “stabilizing”, India’s Steel Minister Chaudhary Birendra Singh on Sunday said the industry must gear up to face global competition as protectionist measures like minimum import price and anti-dumping cannot continue indefinitely.

“At least now I am of the view that steel industry as such is stabilizing and if everything is stabilized then we may think which are the components which should again be put in MIP (list),” Singh told PTI in an interview.

He further said that steps taken by the government like MIP and anti-dumping duty on certain products have helped improve the condition of the steel sector which has suffered on account of glut in the global market.

“All put together now (steel) import has come down to 34% and our (steel) export is now 58% higher as compared to last year (fiscal),” he said.

The government, he said, has already indicated to the industry that protectionist measures like MIP and anti-dumping cannot be provided indefinitely. “But, on the other hand, we have also suggested to the steel industry that this kind of continuance will not go on indefinitely,” he said.

Giving relief to domestic steel producers against cheap in-bound shipments, for the first time, MIP was imposed in February last year on 173 items. Later, the number of products was reduced.

“When we started with this (MIP) it was 173. Now we are just left with 19,” the minister said.

Last month, the government had said that it was taking permanent measures to counter unfair trade practices as per international norms.

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