India plans to restrict auto steel imports to encourage domestic related industries

According to foreign media report(Nikkei Asian Review), India plans to restrict the import of high-end automotive steel to promote the development of the domestic automotive steel manufacturing industry, but the move has raised widespread concerns that such restrictions may disrupt the normal development of the local automobile industry.
 
Earlier this month, the Indian government said in its budget that it is taking a number of measures to tighten import restrictions and increase safeguard taxes to vigorously advance its "Made in India" which aims to boost domestic manufacturing and create local jobs. "motion. According to Reuters, the Indian steel ministry announced last year that it would impose stricter rules on automakers that source high-end steel from South Korea and Japan.
 
"We are always open to global companies, but there is a prerequisite that you have to invest and set up factories in India," Indian Steel Minister Dharmendra Pradhan said at an event in New Delhi. "Foreign companies are welcome to establish investment partnerships in any state in India, whether private or state-owned. We just want to stop imports."
 
Minister Pradhan said that the Indian government plans to restrict the import of 8-10 million tons of steel to the country, while convening in-depth discussions with key stakeholders to promote economic growth by further increasing steel use in sectors such as construction and infrastructure.
 
Indian steelmakers have been seeking import safeguards as steel imports from countries that have signed free trade agreements with India have been skyrocketing in recent years. The country has become a net importer of steel in fiscal 2019.
 
Vinnie Mehta, director-general of the Automotive Component Manufacturers Association of India, said that although the Indian manufacturing movement will promote the development of domestic manufacturing, the government ’s latest measures may bring a few things to the local auto industry. Small challenge.
 
"The chemical composition of automotive steel involves many high-end technologies. Although local manufacturers in India have been trying to produce and supply this type of steel, domestic products have been unsatisfactory in terms of quality stability," Mehta said.
 
"Therefore, these challenges must be overcome before restrictions on steel imports can be implemented."
 
Earlier, Minister Pradhan invited Japanese steel companies to invest in India and establish technology transfer partnerships to take full advantage of the development opportunities behind India's growing steel demand.
 
"Japan has two things-technology and capital, and India has a market. We can coordinate the interests of both sides and make the two countries economically and mutually beneficial," he said.
 

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