After India implemented a 20% safeguard duty to protect Indian steelmakers from the onslaught of cheap imports from China, Japan and South Korea, Tata Steel's top executive said the decision should help in curbing predatory pricing and surging imports.

"Government of India has recognized the issues being faced by the domestic steel industry arising out of dumping of steel from countries having surplus steel capacities," saidTata SteelBSE -5.08 % India's Managing Director TV Narendran.

During April-June 2015, steel imports from China and South Korea went up by 49 percent and more than doubled from Japan, as per data from Joint Plant Committee.

Safeguard duty will be the latest in a series of steps taken by the government to provide relief to the steel industry. Earlier this year, basic customs duties on steel were raised twice — in June and in August — by 2.5 per cent each time.

Narendran added that the steel industry needs to be nurtured by improving factor costs like logistics costs, regulatory costs and cost of capital. India should assess the pros and cons of bilateral and multilateral trade agreements to achieve its stated objectives including strengthening domestic industries, he added.

Tata Steel, Steel Authority of India Ltd and Sajjan Jindal-led JSW SteelBSE -4.81 % are among the steel producers that saw a large hit on profitability as the steelmakers were forced to cut costs to compete with cheap imports.