Ring of steel

Can the safeguard duty on steel be more than a safety net, and is it enough when other countries are also stepping up to protect their interests?

- ISHITA AYAN DUTT

welcome and necessary, given the external challenges and uncertainties. "India's ability to export is getting restricted," he said. "As we add capacities, we also have to be mindful of the margins. Those have to improve for us to be able to spend on growth projects."

He added that India is a domestic-led economy. So, consumption growth is a key driver. He was of the view that the goods and services tax (GST) reform would be a big booster - "not only in terms of driving consumption, but also by creating a positive sentiment that reforms are being made to improve the overall standard of living."

On investment in capacity expansion, T V Narendran, MD and CEO, Tata Steel, said the safeguard duty gave comfort in the medium term. "We, however, need to be watchful of the trade actions being taken by other countries and the consequences those will have, directly or indirectly, on us," he added. "We need to continue to work on the cost of doing business and the ease of doing business at the Centre, state and district levels."