Jindal Stainless Chairman Ratan Jindal has called on the Indian government to implement appropriate import duties to safeguard domestic industries, particularly micro, small, and medium enterprises (MSMEs), from the adverse effects of cheap imports from countries like China and Vietnam.
Speaking at the Global Stainless Steel Summit in Mumbai, Jindal emphasised the need for protective measures to ensure a level playing field for Indian manufacturers.
He highlighted that countries with excess production often divert surplus stainless steel through nations with Free Trade Agreements (FTAs) with India, such as Vietnam, thereby undermining the competitiveness of Indian MSMEs.
Jindal pointed out that while India’s installed stainless steel capacity stands at 7.5 million tonnes, current utilisation is only about 60 per cent, indicating significant potential for growth if the right policy environment is established.
The Indian Stainless Steel Development Association (ISSDA), representing the industry, plans to file an application with the Directorate General of Trade Remedies (DGTR) this month to investigate the dumping of stainless steel items into the domestic market from select countries.
In FY25, India’s stainless steel imports rose to 1.73 million tonnes, with China, Indonesia, Vietnam, and South Korea being the major contributors.
Jindal also advocated for the development of a separate policy framework to promote the interests of the stainless steel sector, aligning with the government’s ‘Make in India’ initiative.
He stressed that such a policy ecosystem would foster domestic manufacturing and enable India to secure its rightful position in the global stainless steel industry.
The call for protective measures underscores the industry’s concerns over the impact of unfair trade practices on local businesses and the broader economy.