Goyal urges Japanese firms to buy steel from India, backs safeguard duty
Commerce and Industry Minister Piyush Goyal on Monday urged Japanese firms to source steel from India, saying Indian companies manufacture high-quality products.
He said India imposed only a 12 per cent safeguard duty on low-grade steel compared to higher duties imposed by countries including the US (50 per cent), UK and European Union.
Answering questions on the safeguard duty during a roundtable meeting with Japanese businesses here, Goyal said India has taken a balanced approach by imposing the safeguard duty only on lower grades of steel, and higher grades can be imported freely.
"Those steel products that are manufactured in India, why do you want to import (buy) from Japan?" Goyal said, adding India has extended protection to its domestic industry from the impact of excess capacity in certain countries.
Indian industry has flagged concerns over excess capacity of steel in countries like China.
He said countries across the world are experiencing surplus steel capacity and are
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