Invited steel industry to discuss unfair competition to take appropriate steps: Goyal
Piyush Goyal on Friday said he has invited the steel industry to discuss about the «unfair» competition that some of them are facing to take appropriate steps with a view to promote the sector's growth. Certain steel industry players have raised concerns over rising imports from China at lower rates.
«I have invited the steel industry...to understand the unfair competition that some of them are facing and take appropriate measures so that the steel industry remains vibrant, continues to grow 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 the domestic players by providing a level-playing field against increasing imports.
Goyal also said that the India Middle East Europe Economic Corridor (IMEEC) aims to integrate India, Middle East and Europe through UAE, Saudi Arabia, Jordan, Israel and the European Union.
«I am sure this important initiative will add to India's maritime security and as a strategy, it will reduce our reliance on very few routes which today can become detrimental to our maritime security and will also help...lower logistics cost,» he said.
IMEEC, a proposed economic corridor, aims to boost economic development by fostering 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, with participation from governments such as India, the US, the UAE, Saudi Arabia, France,
