On certain steel products India has levied antidumping duties imported from other countries. From cheap imports to protect the domestic steel producers this is the latest measure taken by the government. Also Before the center has taken many such measures which have been questioned by other countries.
On Friday The Finance Ministry rolled out a statement on its website which informs about the antidumping duties on the products like hot-rolled flat products of alloy or non-alloy steel which have been produced in or shipped from China, Japan, Korea, Russia, Brazil, and Indonesia. Starting from August 8, 2016 this duty is applicable for five years.
For safeguarding the domestic steel industry by the government these duties are latest in the protectionist measures taken in the last two years. by the output India’s steel industry is the third largest in the world and on imports the center has put a floor price. By the center such protectionist measures had led Japan which is the second biggest steel producer in the world, for investigating India’s actions to put a complaint to World Trade Organization.
With the various restrictions The Indian steel producers have benefited being imposed on imports. In FY 2016-17 by 37% to 7.4 million tonnes and exports have inflated by 102% to 8.2 million tonnes the steel imports have fallen when compared with the figures one year back.
This move of applying duty on hotrolled steel had suggested Directorate General of Anti-Dumping and Allied Duties (DGAD) which the ministry of finance has accepted. For cold rolled products DGAD have also given a similar suggestion also which the finance ministry is scrutinizing.