Friday, Jun 05, 2020 | Last Update : 12:21 PM IST

73rd Day Of Lockdown

Maharashtra77793336812710 Tamil Nadu2725614901223 Delhi250049898659 Gujarat18609126671155 Rajasthan98627104213 Uttar Pradesh92375439245 Madhya Pradesh87622772377 West Bengal68762768355 Bihar4452212028 Karnataka4320161057 Andhra Pradesh4112252971 Haryana3281112324 Telangana31471587105 Jammu and Kashmir3142104835 Odisha247814819 Punjab2415204347 Assam19894434 Kerala158969015 Uttarakhand115328610 Jharkhand7642975 Chhatisgarh6781892 Tripura6221730 Himachal Pradesh3691636 Chandigarh3022225 Goa126570 Manipur124110 Puducherry90330 Nagaland8000 Arunachal Pradesh3710 Meghalaya33131 Mizoram1710 Sikkim200

Steel consumers resent safeguard duty

THE ASIAN AGE. | RITWIK MUKHERJEE
Published : Jul 16, 2019, 1:46 am IST
Updated : Jul 16, 2019, 1:46 am IST

Steel imports have considerably decreased in the last three years.

Leading steel consumers and various associations are up in arms against the Centre over the imposition of 25 per cent safeguard duty on imports of a wide range of steel items on the ground that safeguard duty would make imports costlier for users and lead to a few steel mills dominating, creating a monopolistic market in India.
 Leading steel consumers and various associations are up in arms against the Centre over the imposition of 25 per cent safeguard duty on imports of a wide range of steel items on the ground that safeguard duty would make imports costlier for users and lead to a few steel mills dominating, creating a monopolistic market in India.

Kolkata: Leading steel consumers and various associations are up in arms against the Centre over the imposition of 25 per cent safeguard duty on imports of a wide range of steel items on the ground that safeguard duty would make imports costlier for users and lead to a few steel mills dominating, creating a monopolistic market in India.  Besides, SMEs and MSMEs would be the worst sufferers from this, these bodies feel.

The organisations, which are virtually on a warpath against the government on the issue include CAMIT, TSSIA, FAI, COSIA, SWMAI, SUFI, Hooghly Chamber of Commerce and Industry, Steel Chamber of India, Federation of Industries of India, to name a few.

Interestingly, the India’s total imports of steels are hardly 6 per cent of the total gross production in the country. As per WTO rules, safeguard measures are defined as “Emergency” actions in response to large-scale increase in imports or a surge in imports. But the ground reality is that imports have considerably decreased in the last three years as a result of a series of various protective measures, both tariff and non-tariff based that were announced for various steel items since September 2015. The total imports were merely 4.68 per cent of total production as of May 2019.

With 12.5 per cent of basic customs duty on most flat products, like HRC, plus a surcharge of 10 per cent, imports from most countries like China, Europe and the CIS has become unviable and substantially declined. A significant portion of the imports comprises grades, sizes and quality that is not available sufficiently or timely in India or of finished goods for export purpose.

Tags: msme, steel chamber of india
ADVERTISEMENT
ADVERTISEMENT