India's steel industry poised for global growth, focus on FTAs and self-reliance: Piyush Goyal

Mumbai, April 25 (IANS) India’s steel industry is set to play a significant role in meeting both domestic and global demand, Union Commerce Minister Piyush Goyal said on Friday.

The minister emphasised India’s position as a highly efficient, cost-effective, and high-quality producer of steel, asserting that the sector will not only cater to India’s growing needs but also contribute significantly to global demand in an increasingly competitive environment.

"The country is actively pursuing free trade agreements (FTAs) with countries and regional blocs, including the European Union (EU), the United Kingdom (UK), the United States (US), and New Zealand, to gain greater access for its steel products," Goyal said at the sidelines of the Steel India 2025 event here.

"India is consistently focused on self-reliance (Atmanirbharta). But when we talk about Atmanirbharta, we are not closing the doors to the world. We are, in fact, opening the doors wider because every country will have its competitive advantages for different products," the minister said.

India is currently negotiating 10-12 such agreements to ensure that its steel, known for its cost-effectiveness and high quality, is available to international markets, the Union Minister added.

Goyal also mentioned that India’s steel industry is well-positioned to contribute to the growing needs of the world while also addressing the needs of domestic consumers.

“The government remains vigilant and proactive in protecting the steel industry against unfair trading practices," he stated.

"India has already taken steps to safeguard its industry from the dumping of steel at irrationally low prices, as identified in a quasi-judicial inquiry by the Directorate General of Trade Remedies (DGTR)," Goyal noted.

India’s commitment to boosting its steel sector is reflected in its diplomatic efforts to engage with key trading partners.

With the global trade environment becoming more uncertain, India’s push for FTAs is crucial in ensuring continued access to international markets.

The trade pact with the UK is reportedly near completion, and negotiations for the proposed bilateral trade agreement (BTA) with the US are advancing ahead of schedule.

--IANS

pk/vd