The Government is holding negotiations with the US on 25% import tariff imposed on steel, Union Steel Minister Chaudhary Birender Singh said at a latest ASSOCHAM event. Negotiations are still going on there may be some sort of understanding, (but) if we have to take certain steps to safeguard our interest, we will certainly take, Singh noted while inaugurating an ASSOCHAM Steel Summit held in New Delhi.
He also said that the issue likely to be discussed at the Global Forum on Steel Excess Capacity to be held in Paris on September 19-20. While India is on its way to become world's second largest steel producer and will be the leader in consumption growth in the world in next 5-10 years but it will have to focus on value addition and production as per country's requirements.
Talking about the global challenges being faced by India's steel sector, Singh highlighted trade issues with the US and European Union (EU), sudden change in Rupee exchange value, dumping of steel by other countries and fluctuation in raw material prices. At home logistics and transportation of raw material and finished products, upcoming expiry of mining licences in 2020 and resultant auction of mines and others are few of the challenges, he said.
The Minister further said that Government is aware of the challenges which are dynamic and large-scale, and is working in tandem with other stakeholders to overcome the same. The Minister further said that India should promote innovation instead of technology transfer and encourage scientists and engineers to move in different direction.
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