Jayant Acharya, Joint MD and CEO of JSW Steel, has called for a reassessment of India's safeguard measures in response to growing import pressure. In an interview with Business Standard, Acharya emphasized the impact of low-priced Chinese steel on the domestic market and urged the government to extend and revise the current protective tariffs.
“Due to weak domestic demand in China, surplus production is being pushed into export markets. This is creating a price-driven competition and harming Indian producers,” Acharya said. He underlined the need to extend the duration of the safeguard duties and adjust the rate to protect domestic industry while also supporting investments aimed at reducing carbon emissions.
Rising Share of Imports
Acharya noted a significant increase in flat steel imports from countries like China and Vietnam. Despite the higher quality and sustainability standards of domestic production, low-priced imports are creating unfair competition in the market, he warned.
Focus on Green Transition
The JSW executive also highlighted the sector’s need for substantial investments to achieve carbon neutrality. He stressed that government support is essential for the Indian steel industry to stay competitive during the energy transition. “To remain competitive, the cost burden of green transformation must be shared,” Acharya added.
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