Japanese companies should prioritize steel supplies from India, as Indian steel companies produce high-quality steel products, Indian Trade and Industry Minister Piyush Goyal said during a visit to Tokyo on Tuesday, August 25.
Minister Goyal said that for the past seven years, he has been encouraging Japanese industry to supply at least those steel products from India that have competitive prices and meet Japanese quality standards.
"Even if they are cheaper or have the same quality as Japanese steel... for some reason, they don't buy it from India," he said. он.
The Minister asked how India can be expected to protect foreign companies from trade measures when they do not support local Indian manufacturers by purchasing products in the country.
This is causing me concern. This is not a fair deal," he said, suggesting that Japanese firms should contact the Directorate General for Trade Protection Measures (DGTR) on issues related to anti-dumping and protective duties. Goyal is leading a 200-member Indian business delegation to Japan.
In response to inquiries from Japanese businessmen about India's imposition of its own tariff barriers on steel imports, Goyal said he had imposed only a 12 percent protective duty on imports of lower-quality steel products, compared with much higher rates on other types of steel. importing countries such as the United States and the European Union.
12- The percentage protective duty on steel imports was introduced during the first year (2025-26), in 2026-27 it will amount to 11.5%, and in 2027-28 it will be even lower - 11%.
Goyal said India is taking a balanced approach by imposing a protective duty only on lower grades of steel, and higher grades can be imported freely.
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