Piyush Goyal Asks Steel Industry to Target 1 Billion Tonne Capacity
Commerce Minister Piyush Goyal invoked ‘karma’ as he urged Indian industry to give preference to local manufacturers and suppliers to support the domestic supply chain, and avoid importing components only to save a ‘few dollars or rupees’.
Piyush says , "We have imposed a safeguard duty last week to support and protect your (steel) industry from supply chain. But, you should also see your supply chain, wherever there is an Indian supply, you will give preference to that Indian supply and not impose your requirements to the detriment of some Indian manufacturer."
"Karma comes back on all of us. Today, you may feel something is good to import to save a few dollars or rupees, and then in time, karma will give you the answer. And if you don't support somebody else, tomorrow a time will come, there will be nobody else to support you," the minister said.
Centre on April 21 had notified a 12 percent safeguard duty on steel imports, in a move to protect domestic steel manufacturers from any surge in shipments from the countries we import from, especially China.
Minister Goyal added that while the domestic steel industry requires protection from dumping of goods from other nations, they too have a duty and obligation to support local supply chains.
“I hope this message goes down not only to the steel industry, but to everybody across the country," adds Piyush.
The minister also urged the industry to notify the government if there are any attempts to bypass norms around rules of origin.
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"At no point of time, will we allow India to become a route for transshipment or for breaking the rules of origin so that other countries bring material into India, maybe do a little processing and supply to a third country and then call it a made in India product. I request India industry to be whistleblowers if anyone does it and inform the commerce ministry or their line ministries," Piyush adds.