Germany's proposed Low Emission Steel Standard (LESS) is expected to pose significant challenges to India's steel industry, which is already struggling with declining exports, rising imports, and Europe's carbon tax, according to think tank GTRI.

India's steel industry has embraced 'Made in India' branding to boost domestic manufacturing and ensure standardized quality, with 80% of producers already labelling products accordingly. The initiative aims to enhance global competitiveness and showcase India's manufacturing prowess.

In FY2025, India's steel consumption is forecasted to decrease to 7-8%, down from the current fiscal year's 12-13%, with factors like elevated input costs and import pressures expected to lower operating profit margins by 110-115 basis points. This slowdown follows three years of double-digit growth, driven partly by increased government infrastructure spending.

Finance Minister Nirmala Sitharaman presented her sixth Budget on Thursday in which she announced a Rs 11.11 lakh crore spending on infrastructure among other proposals for sectors like solar and startups