Our Correspondent / New Delhi
India has slapped countervailing duty (CVD) for a period of five years on certain Chinese flat steel products to guard domestic players from imports that are subsidised by the exporting nation. The notification issued by the Ministry of Finance prescribes a total of 18.95 percent CVD on imports of Stainless steel flat products from China for the next five years.The decision to impose CVD was taken by the finance ministry after the DGAD’s recommendation.
The commerce ministry’s investigation arm, Directorate General of Anti-Dumping and Allied Duties (DGAD) in its probe had concluded 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.
Welcoming the decision, Steel Minister Chaudhary Birender Singh 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, he said.
The steel industry also hailed the decision saying the move assumes significance as the sector is facing challenges due to cheap steel imports.