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Anti-dumping duty to curb import of poor quality steel products
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SME Times News Bureau | 12 Aug, 2016
The government on Thursday said it has imposed minimum import prices
(MIP) and anti-dumping duty on steel products to protect the domestic
industry.
According to Steel Minister Chaudhary Birender Singh,
the country has the potential to emerge as the second largest steel
producer in the world.
He said the government is constantly
striving to provide a conducive environment for the growth of the
industry through protection from dumping and poor quality steel imports.
"The
government has decided to impose minimum import prices, safeguard duty
and anti-dumping duty on imports of steel," Singh said in New Delhi at an
interaction with media persons organised by the Indian Women's Press
Corps (IWPC).
"The government extended MIP on 66 products for two
months last week, while rest of the products have been brought under
anti-dumping duty," he added.
Recently, the government has
imposed anti-dumping duty on steel products imported from countries like
China, Japan, Korea, Russia and Indonesia.
He further said in
order to augment the Indian steel industry, the Steel Research and
Technology Mission of India (SRTMI) has been set up to give more
emphasis on research and development (R&D).
"For production to increase, the amount of domestic consumption has to be increased," Singh said.
"We
have asked the government to mandate the use of domestically produced
steel in every infrastructure project, be it in the construction of
railways, bridges or cars. This will increase the domestic consumption
of steel as well as increase production."
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