“India can do without USA…”, Naveen Jindal dismisses U.S.’ tariff threat

Overview

Naveen Jindal argues that India’s steel industry can withstand U.S. tariff threats and that India is not dependent on exporting steel to the United States. He notes that the U.S. has already maintained very high duties (over 200%) for more than a decade. Even if new tariffs of 100% or 200% were imposed, he believes they “won’t help,” especially because India “didn’t export any steel” to the U.S. even when tariffs were around 50%.

Instead, Jindal emphasizes that the primary focus should be India’s domestic market—one he describes as large and sufficient on its own.

U.S. Tariffs and India’s Export Dependence

• India is not reliant on exporting steel to the U.S.
• The U.S. has already had very high duties (over 200%) for over a decade.
• New tariffs (even 100%–200%) are unlikely to change outcomes meaningfully.
• India reportedly exported little to no steel to the U.S. even when tariffs were ~50%.
• The domestic market is viewed as the main engine for demand.

European Union CBAM (Carbon Border Adjustment Mechanism)

Jindal discusses the EU’s Carbon Border Adjustment Mechanism (CBAM), highlighting that:

• If the EU applies carbon-related conditions to its own manufacturers, those requirements will also extend to imports.
• Indian industry should comply with externally imposed rules rather than assume exemptions.

Growth Drivers for Steel Demand

Jindal explains that steel demand in India is increasing primarily due to:

• Nationwide infrastructure construction
• A large population (about 1.5 billion)

He also notes a major headroom for expansion:

• Per-capita steel consumption remains far below global levels—about 107 kg/person/year in India versus 220+ kg globally.

He cites a government target:

• 300 million tonnes of steel production by 2030

And he points out India’s production advantage:

• India is already the world’s second-largest steel producer, supporting competitive pricing within the country.

Geopolitics, West Asia, and Atmanirbhar Energy Security

Regarding geopolitical instability, Jindal links conflict in West Asia to broader global disruption while expressing hope for peace. He ties this context to India’s Atmanirbhar (self-reliance) approach, arguing that India is performing well on energy security—particularly electricity sufficiency—compared with other large economies.

Supply Dependence and Industrial Inputs

He also addresses dependence for industrial inputs such as fuel and gases, noting that discussions include reducing reliance on imported LNG/natural gas through initiatives like:

• Coal gasification

Commitment to Low-Emission (“Green”) Steel

Finally, Jindal affirms support for low-emission or “green” steel, framing it as an industry-wide effort to reduce emissions.

Presenters or Contributors

• Naveen Jindal