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Commodities

India seeks to curb auto-grade steel imports to encourage local production

Automakers are worried such restrictions could hurt operations

India's steel ministry had last year announced stricter rules for high-grade steel carmakers sourced from South Korea and Japan, according to a Reuters report.   © Reuters

MUMBAI (NewsRise) -- India plans to curb the import of high-quality auto-grade steel in a bid to push local manufacturing of the alloy, a move that raises concerns such restrictions could disrupt the local automobile industry.

Earlier this month, the government said in its budget that it is adopting several measures to tighten the restrictions on imports and enhance safeguard duties in a bid to encourage its "Make in India" campaign, which seeks to boost local manufacturing and employment opportunities. The steel ministry had last year announced stricter rules for high-grade steel carmakers sourced from South Korea and Japan, according to a Reuters report.

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