India's steel industry wants a 25% safeguard duty placed on all steel imports as steel products sourced from countries with whom India has a free trade agreement (FTA) have risen substantially, a senior executive from JSW Steel said on Monday.
"India's imports from FTA partners rose 77% (in the current fiscal)," said Seshagiri Rao, JSW's joint managing director and group chief financial officer.
Rao reiterated a longstanding industry demand to not include steel as part of the Regional Comprehensive Economic Partnership (RCEP), a China-initiated free trade zone among countries that will encompass 45% of the world's population.