India introduces new steel standards to curb imports from China

India is set to introduce new steel standards to protect its domestic industry from cheap imports, particularly from China. The government plans to expand the Bureau of Indian Standards (BIS) framework to include more steel products and redefine existing grades. The new standards aim to prevent steel dumping by requiring all imported steel to meet BIS certification. This change comes as India's steel imports surged by 41.3% in the first half of the fiscal year, with China being the largest contributor. In addition to the new standards, the government is considering duty protections for local steelmakers. This follows a trend where India has shifted from being a net exporter to a net importer of steel, impacting local prices and revenues.