Aruna Sharma who is the Steel Secretary said that on nineteen products, the MIP (minimum import price) will not be extended.
On 19 items we had announced minimum import price before Two months. Under minimum import price, 19 items were kept and we intervened so that traders do not bring these to India and resort to dumping. Today in anti-dumping duty124 items are there and these are now WTO compliant, said to a TV channel by Mr Sharma in an interview.
Indian steel industry is currently in such a situation where imports have fallen down and the export and production have increased. From the micro-small and medium enterprises, in this steel sector, 57% production includes out of which 20% come from the government-owned companies and 23% from the private sector. The infrastructure and the import duty on liquefied natural gas (LNG), nickel, and hot roll coil and cold rolled coil has been reduced as the Union Budget of 2017-18 has been positive for this.
“Our rule was that if whatever is not manufactured in India, import duty should be reduced. At the moment, however, there is no plan to reduce import duty on coking coal. This budget has given major focus on infrastructure. It gives a great opportunity for consumption of steel in domestic areas. With strong quality production and enhancing consumption in India, if the steel sector works efficiently, there is no looking back”, Sharma said.
Import duty should be reduced as per rule, if whatever is not manufactured in India. To reduce import duty on coking coal, at the moment there is no plan, however. On infrastructure, this budget has given major focus. In domestic areas, it gives a great opportunity for consumption of steel. Mr Sharma also said that if the steel sector works efficiently, there is no looking back because there is strong quality production and enhancing consumption in India.