ICEMA asks govt to re-evaluate long-term implications of steel safeguard duty

Quick Summary:

The Indian Construction Equipment Manufacturers' Association (ICEMA) has voiced concerns over the 12% safeguard duty on select steel products, fearing disruption to the supply chain and increased costs.

ICEMA highlights the industry's reliance on imported, specialized steel and warns of potential production delays and price hikes impacting infrastructure projects.

The decision also risks undermining India's export competitiveness in the global construction equipment market, particularly at a time when international buyers are actively seeking alternatives to China under 'China plus One' sourcing strategies, it added.

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Article Details

Author / Journalist: PTI

Category: Business

Markets: IndiaChina

Topics: China plus one ICEMA Steel safeguard duty Dgtr India construction equipment manufacturers

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-04-23 @ 10:13:03 (14 hours ago)

News Timezone: GMT +8:00

News Source URL: economictimes.indiatimes.com

Language: English

Article Length: 703 words

Reading Time: 4 minutes read

Sentences: 21 lines

Sentence Length: 34 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Economic Times

News ID: 28165776

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Official Website: economictimes.indiatimes.com

Update Frequency: 8 posts per day

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News Last Updated: 14 hours ago

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