Jindal stainless Ltd., the stainless steel maker, expects the Union government to impose higher duty on imports from FTA countries and cut duty on raw materials which is not available in India, as these bottlenecks hurt business substantially.
Abhyuday Jindal, Managing Director, Jindal stainless, in an exclusive interaction with TickerNews, explained the problems of having no import duty on steel from FTA countries due to which Indians traders are losing jobs and loss of revenue.
"The restriction put by US in export of steel into the US is causing problem for Indian steel industries whereas the free import of steel from FTA countries is becoming a burden on Indian traders," said Jindal.
It may be recalled that the domestic industrial maker suffer from
cheap stainless steel imports into countries where the boarders are pores and the trade barriers in India are not very strong. As a result, FTA countries are able to dump there steel goods in India.
Indian Steel industry witnessed a 38 per cent fall in exports in the first nine months of current fiscal.
While exports from India fell by 38 per cent, imports to India have grown exponentially, industry experts said.
Jindal explained steps taken by the company to seize the opportunity present in the sector.
"We are currently having two plants one in Hissar and another in Odisha, both with the capacity of 0.8 Mt but with in next two years the total capacity will be expanded to 2.6 mt whereas the company is also working closely with government of India for defence and modernisation of Indian railway," said Jindal. - TickerNews Service