A Review of India’s Contemporary Metals and Steel Trade Policy

In 2023, India exported USD 39.1 billion and imported USD 46.7 billion worth of metals, ranking as the world’s tenth largest exporter and sixth largest importer of metals. These figures underscore the centrality of metals to India’s trade profile. This paper reviews India’s contemporary metals and steel trade policy, tracing its evolution from post-independence import substitution to its present hybrid model of calibrated openness and strategic protection. It outlines the roles of key governmental authorities, such as the Directorate General of Foreign Trade (DGFT) and relevant ministries, in formulating and implementing this framework. To illustrate how these policies operate in practice, the article presents a case study on steel, detailing export and import regulations and highlighting key initiatives such as the Production-Linked Incentive (PLI) scheme, Bureau of Indian Standards (BIS) certification and Steel Import Monitoring System (SIMS). In doing so, the article sets the stage for evaluating future developments in India’s metals trade policy amid evolving global trade dynamics.span lang="EN-US"o:p/o:p/span