Steel industry invited to discuss unfair competition- Goyal

Delhi Delhi. Commerce and Industry Minister Piyush Goyal on Friday said he has invited the steel industry to discuss “unfair” competition to take appropriate steps aimed at boosting the growth of the sector.Some steel industry players have raised concerns over rising imports from China at lower rates.

“I have invited the steel industry… to understand this unfair competition that some of them are facing and take appropriate measures so that the steel industry remains vibrant, grows and adds jobs to the Indian economy,” Goyal told reporters here.On September 5, he mooted the idea of ​​introducing a border adjustment tax to protect domestic players by providing a level playing field against rising imports.

Goyal also said that the India Middle East Europe Economic Corridor (IMEC) aims to integrate India, the Middle East and Europe through the UAE, Saudi Arabia, Jordan, Israel and the European Union. “I am sure this important initiative will enhance India’s maritime security and as a strategy, it will reduce our dependence on very few routes which may be detrimental to our maritime security today and it will also help reduce logistics costs,” he said.

IMEEC, a proposed economic corridor, aims to boost economic growth by promoting connectivity and economic integration between Asia, the Persian Gulf and Europe. The Memorandum of Understanding (MoU) for this was signed during the G20 summit in New Delhi last year, which was attended by governments such as India, the US, the UAE, Saudi Arabia, France, Germany, Italy and the European Union. The main goal of the project is to enhance transport and communication links between Europe and Asia.