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India imposes countervailing duty on some Chinese steel products for 5 years
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The Union Finance Ministry has imposed 18.95% countervailing duty (CVD) on certain Chinese flat steel products for period of five years to protect domestic players from cheap subsidised imports.
The decision to impose CVD was taken by finance ministry based on the recommendation of Directorate General of Anti-Dumping and Allied Duties (DGAD).
Background
The Commerce Ministrys investigation arm, DGAD in its probe had concluded that despite sufficient demand in India and capacities, domestic industry has lost sales opportunities, due to direct consequence of subsidised imports from China.
Key Facts
The move assumes significance as steel sector in India is facing challenges due to cheap steel imports. The imposition of CVD will help domestic players to grow to full potential after attaining second rank in stainless steel production in world in 2016 and provide level-playing field to domestic industry.
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