NewKerala.com

Key Points

The Indian government is actively working to protect the steel industry from the impact of steep US tariffs. Minister Bhupathiraju Srinivasa Varma confirmed that steps are being taken to ensure future problems are prevented. These tariffs particularly affect small and medium enterprises involved in steel exports. The government remains committed to increasing steel production and supporting this vital sector of the economy.

Key Points: India Steel Industry Safeguard Steps Against US Tariffs Says Minister

  • Government taking steps to resolve steel industry problems from US tariffs
  • US 50% tariff impacts Indian steel and iron product exports
  • Steel sector contributes 2% to India's GDP and supports Atmanirbhar Bharat
  • India aims for 300 million tonnes crude steel production by 2030
2 min read

Government working to safeguard steel industry: MoS Bhupathiraju

Minister Bhupathiraju assures government action against 50% US steel tariffs impacting MSMEs and exports, aiming for 300M tonne production by 2030.

"We are taking some steps, and in future, there will not be a problem - Minister Bhupathiraju Srinivasa Varma"

New Delhi, September 9

Minister of State for Steel Bhupathiraju Srinivasa Varma said on Monday that the government is taking steps so that the problems faced by the steel industry get resolved.

"There is an impact presently (of the US tariffs). We are taking some steps, and in futur,e there will not be a problem," the minister said on the sidelines of the ISA Steel Conclave in the national capital today.

The US tariff on Indian goods stands at a steep 50% and has been effective since August 27.

The tariff could impact India's significant export of steel and iron products, affecting small and medium enterprises (MSMEs) in the sector. The United States currently has a 50% tariff on imported steel.

This tariff applies to most countries, except the UK, and includes finished products containing a proportion of steel.

Estimates say that India's steel industry contributes approximately 2% to the nation's GDP. The sector has a key role in achieving India's vision of Atmanirbhar Bharat and the Make in India initiative.

The Union minister stated that India aims to increase its crude steel production to 300 million tonnes by 2030, up from the current 200 million tonnes.

The minister said that the government has acted swiftly on GST reforms in line with the announcment made by Prime Minister Narendra Modi.

- ANI

Share this article:

Reader Comments

P
Priya S
While I appreciate the government's efforts, I hope they're also focusing on finding alternative export markets. Relying on one market is always risky. Maybe focus more on domestic consumption through infrastructure projects?
Aryan P
300 million tonnes by 2030 is an ambitious target! But we need to ensure this growth is sustainable and environmentally responsible. Can't compromise on green standards while expanding production.
M
Michael C
Working in the manufacturing sector, I've seen how these tariffs affect small businesses. Glad the government is addressing this. The GST reforms should help streamline operations for smaller players too.
S
Shreya B
Hope the government is also investing in R&D for better quality steel production. We need to compete globally not just on price but on quality. Atmanirbhar Bharat should mean world-class products! 💪
V
Vikram M
The timing is crucial with the global economic situation. Government support is essential, but industry also needs to innovate and adapt. Let's hope for a balanced approach that protects jobs while encouraging efficiency.

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

Leave a Comment

Minimum 50 characters 0/50