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U.S. steel import curbs seen scuttling India's rising exports: minister

Reuters  |  NEW DELHI 

By Neha Dasgupta

NEW DELHI (Reuters) - India's ambition to become a major exporter could be disrupted by import curbs, Minister said, underscoring the need for free trade.

"Our exports have increased substantially, about 40 percent growth during January to December (2017)," Singh told in an interview on Tuesday.

"What I foresee is that our exports are going to grow. In that case, these kind of disturbances should not take place."

Last week, set import tariffs of 25 percent on and 10 percent on aluminium, to come into force in 15 days, a disputed move that threatens to spiral into a trade war.

India's stance, Singh said, will be to call for unrestricted trade and watch for responses from other

"We can't remain in isolation," Singh said, adding it had similar interests to those of other

"We are not exactly in wait and watch mode but the pace and intention of the other steel producing countries should also be watched closely."

According to a Feb. 22 note prepared by the steel ministry, expects a loss of $130 million due to the import tariffs, which accounts for just 5 percent of the country's total

was already expecting a 6 percent fall to 333,656 tonnes in exports to the for 2017/18, it said.

(Reporting by Neha Dasgupta; Editing by and Jason Neely)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Tue, March 13 2018. 18:40 IST