Welcoming the finance ministry's decision to impose countervailing duty on import of certain flat steel products from China, Steel Minister Chaudhary Birender Singh today said it will help the domestic players to grow to full potential.
Welcoming the finance ministry’s decision to impose the countervailing duty on import of certain flat steel products from China, Steel Minister Chaudhary Birender Singh today said it will help the domestic players to grow to full potential. Besides, it will strengthen the ongoing efforts of Indian industry to move towards 100 per cent quality regime for better safety and health of users, the steel ministry said in a statement. “This will provide a level-playing field to the industry to grow to its full potential after attaining second rank in stainless steel production in world in 2016,” Singh said.
Steel Secretary Aruna Sharma said: “This is the first case of imposition of CVD (countervailing duty) on any steel product in India. This would provide the much-needed relief to the stainless steel industry from the subsidised imports from China.” This was one among the many steps taken by the government to help the domestic stainless steel industry, she said. Among the other steps were the imposition of the Stainless Steel Quality Control Order (QCO) and other trade remedial measures, the statement added. The government has imposed the countervailing duty for 5 years on imports of certain flat steel products from China to guard domestic players from imports that are subsidised by exporting nations.
The decision to impose the duty was taken by the finance ministry after the Directorate General of Anti-Dumping and Allied Duties (DGAD) found that despite sufficient demand in India and capacities, the domestic industry has lost sales opportunities, which is a direct consequence of subsidised imports from China.