Tariff is the new normal to protect domestic industries: Sajjan Jindal
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As China continues dumping steel through Vietnam, steel baron and JSW Group Chairman Sajjan Jindal says India will have to protect the industry with a safeguard duty. While talking at a Fireside Chat organised by the Indian Chamber of Commerce, Jindal said the government is likely to come up with a dumping duty in a few days.
India’s Directorate General of Trade Remedies (DGTR) has recommended a provisional safeguard duty of 12 per cent on steel imports, including those coming in from China and Vietnam, to eliminate the threat to the domestic industry.
"Steel consumption is growing 10- 12% every year in India. The government wants to protect the industry," he said. He also said the tariff has become the new normal and the countries will have to protect their domestic industries.
Jindal said the Trump tariffs are unlikely to disrupt the economy the way Covid-19 hit. "India, which stands as a nearly 4.5 trillion economy, has the advantage in this scenario," he said. The talk of China plus is now replaced by India minus China, he added.
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"We have to generate surplus and expand capacity to meet the growing demand. But, China is reducing production and increasing exports to Africa and the Far East. India requires to add 20 million tonnes of fresh steel every year. It means $20 billion investments," he said.
Green steel and green energy will be the new way of life in the long term, he said. JSW Steel has an ambitious target of 100 MT production and wants to become the global number one, he said.
JSW Steel plans to invest around ₹60,000 crore to set up a 10 million tonne per annum green steel plant at Salav, Maharashtra. The plant will initially run on natural gas and transition to hydrogen as the technology matures. It is aimed at catering to the European market.