GoI: Anti-Dumping Duty imposed on steel from China, South Korea and Vietnam
The Government of India recently imposed anti-dumping duty on the steel imported from China, South Korea and Vietnam.
The duty has been imposed on steel products that are imported from these countries below its associated normal value. This is causing the dumping and leads to unfair trade in India. The issue was found by the Directorate General of Trade Remedies.
The duty is essential to guard the domestic manufacturers. The steel imported from China, Korea are cheaper and hence industries prefer them to reduce the burden on raw materials. The duty imposed will increase their prices making the domestic steel cheaper.
In India the anti-dumping duty is imposed by Directorate General of Anti-Dumping and allied duties that functions under Ministry of Commerce and Industry.
Anti-Dumping duty is a tariff imposed on foreign imports. Dumping is a process where a company exports a product at a price lower than the home market price. The Governments impose anti-dumping duties to protect its local manufacturers.
Month: Current Affairs - June, 2020
Category: International Current Affairs