Govt Considers to Impose 25% Safeguard Duty on Steel Imports

The Indian government is considering the imposition of a 25% safeguard duty on steel imports to protect domestic manufacturers from cheap foreign steel flooding the market. The proposed measure comes in response to concerns over the adverse impact of increasing steel imports, particularly from countries like China, which could undermine the competitiveness of Indian steel producers. The safeguard duty aims to provide a temporary protection mechanism, allowing local industries to adjust to market conditions and reduce import dependency. The move is expected to encourage the domestic steel industry and prevent market disruption.