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Tata Steel hopes Budget to take steps to arrest rising imports

Indian Steel industry is facing surging imports from countries like China, Russia, Japan and Korea

Press Trust of India  |  New Delhi 

today said it expects Finance Minister will take necessary measures in the upcoming Union to rein in rising steel for making the domestic competitive.

"Indian Steel is facing surging from countries like China, Russia, and Korea. We expect necessary measures would be taken to arrest this trend to make the domestic competitive," Managing Director (and South Asia) T V Narendran said in a statement.
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of steel to India, a net importer, went up to 8.1 million tonnes during April-January period of current fiscal. As much as 2.9 million tonnes of that came from While for Russia, is a traditional export market; and Korea also exporting steel to taking advantage of the free trade agreements.

The Steel Ministry has also urged the to raise import duties to curb dumping of steel into the country.

Since the steel required to move huge amount of raw materials and finished products through railways and ports, he expects "sufficient fillip would be given in by making investment in railway infrastructure and port capacities."

Meanwhile, welcoming stability in the mining sector towards the extension of mining leases, he said it was expected that domestic production of raw materials should increase through the implementation of the mining ordinance by way of reopening of many of the closed mines.

"Resumption of production levels should help in achieving Government's vision of 300 million tonnes of steel by 2025. The is also looking forward to policies that will streamline land and forest clearances for infrastructure development that is imperative for the growth of the as well as the nation," he said.

First Published: Thu, February 26 2015. 18:42 IST