India’s steel imports have
increased by 38% to 8.319 million tonnes, making the country a net importer of
the commodity for FY24.Tata Steel CEO T V
Narendran has raised concerns about it and stated that there is a need to be
cautious about the scenario, as reported by PTI.
“It
would be a pity if the situation continues in the long run. We have to be
watchful about imports,” Narendran said.
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He
stated to an inquiry about the demand that he anticipated steel consumption to
increase by 8–10% for the current fiscal year, FY25. “I don’t think reviewing
FTAs would be easy. But that’s for the government to decide,” Narendran added.
Steelmakers
have been raising concerns on increasing imports from certain countries,
including China and seeking the government’s intervention on the issue. In
addition, domestic players have been demanding an end to imports and a review
of free trade agreements (FTAs) with various nations.