ENA Sectors 2024-10-30 15:47:53 <p><span style="font-size:14px"><strong>New Delhi, Oct 30 (KNN)</strong> The Engineering Export Promotion Council of India (EEPC India) has taken a firm stance against proposed protectionist measures on low-cost steel imports, particularly emphasising the potential impact on Micro, Small, and Medium Enterprises (MSMEs).</span></p> <p><span style="font-size:14px">EEPC India Chairman Arun Kumar Garodia emphasises the critical nature of maintaining competitive steel pricing, noting the significant price advantage that Chinese steel currently offers to downstream industries.</span></p> <p><span style="font-size:14px">Recent data from the Joint Plant Committee (JPC) reveals substantial increases in finished steel imports across multiple markets.</span></p> <p><span style="font-size:14px">Chinese imports have grown by 31.7 per cent, while imports from Japan have surged by 130 per cent.</span></p> <p><span style="font-size:14px">Vietnam and Korea have also shown significant increases at 52 per cent and 6 per cent respectively, prompting industry experts to call for a closer examination of Free Trade Agreement (FTA) rules of origin criteria.</span></p> <p><span style="font-size:14px">The import surge coincides with a notable domestic supply-demand gap. Despite India's crude steel production rising by 4.44 per cent and finished steel production increasing by 5.30 per cent in the initial five months of FY 2024-25, consumption has grown at a more rapid pace of 13.78 per cent.</span></p> <p><span style="font-size:14px">This disparity has created a complex market dynamic requiring careful policy consideration.</span></p> <p><span style="font-size:14px">Industry stakeholders are particularly concerned about the potential economic implications, given that MSMEs contribute approximately 30 per cent to India's GDP.</span></p> <p><span style="font-size:14px">The EEPC has cautioned that implementing additional duties or safeguard measures could adversely affect steel prices, potentially compromising the operational viability of numerous small-scale manufacturers and impacting overall economic growth.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 39759 https://knnindia.co.in/news/newsdetails/sectors/eepc-india-opposes-protectionist-measures-on-low-cost-steel-imports 2024-10-30 15:47:53 knnindia.co.in