Thursday, Oct 01, 2020 | Last Update : 10:11 AM IST

189th Day Of Lockdown

Maharashtra1351153104994735751 Andhra Pradesh6811616123005745 Tamil Nadu5863975307089383 Karnataka5824584697508641 Uttar Pradesh3908753312705652 Delhi2730982407035272 West Bengal2505802198444837 Odisha212609177585866 Telangana1872111564311107 Kerala179923121264698 Bihar178882164537888 Assam169985139977655 Gujarat1332191132403417 Rajasthan1288591077181441 Haryana1237821059901307 Madhya Pradesh117588932382207 Punjab107096840253134 Chhatisgarh9856566860777 Jharkhand7770964515661 Jammu and Kashmir69832495571105 Uttarakhand4533233642555 Goa3107125071386 Puducherry2548919781494 Tripura2412717464262 Himachal Pradesh136799526152 Chandigarh112128677145 Manipur9791760263 Arunachal Pradesh8649623014 Nagaland5768469311 Meghalaya5158334343 Sikkim2707199431 Mizoram178612880
  Business   In Other News  16 Jul 2019  Steel consumers resent safeguard duty

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