Search Result for : Mip

The Dollar Business Bureau Steel Minister Chaudhary Birender Singh said on Thursday that the country has become a net exporter of steel, and the imports of the metal had come down by around 40-45%. “Following protective measures taken by the Government like the minimum import price (MIP) and anti-dumping duty, steelmakers had been posting better results. This has also helped India emerge as a net exporter of steel, and imports had come down by 40-45%,” Singh said while speaking at an interactive session organized by the Bharat Chamber of Commerce. The Minister said that India has to set a target to export 6-7% of its overall steel production from the current 1.5%. “There is no reason to be happy with 1.5% of export. In ...

The Dollar Business Bureau India imposes definitive anti-dumping duty(ADD), effective for 5 years on 47 products of alloy or non-alloy steel from China PR, Japan, Korea RP, Russia, Brazil and Indonesia. The duty imposed carried a minimum price of $478/ metric tonne to a maximum amount of $561/metric tonne. The ADD would be effective from the date of imposition, April 8, 2017 as notified in the DGAD notification no- 17/2017 dated 11/05/2017. Of the total steel imported in India during 2015-16 the imports of hot rolled and cold rolled coils was 47% and with the imposition of duty it came down to 36%. Now with the latest notification of the government of extending the anti-dumping duties to hot rolled and cold rolled flat ...

The Dollar Business Bureau The government today announced an increase in the minimum import price (MIP) of areca nuts by Rs.89, from existing Rs.162 to Rs.251 per kg, to encourage domestic producers and discourage low-cost inferior-quality imports of the product from the neighbouring countries. In its latest notification No.35/2015-2020, dated January 17, 2017, the central government amended the import policy of areca nut under Exim Code 080280 of Chapter 8. It should be recollected that in June 2015 too the government had increased the minimum import price of areca nuts by Rs.52 to Rs.162 per kg. In an official statement then released the government had specified, "On account of unabetting import of areca nut from neighbouring countries such as Indonesia and Myanmar taking the advantage of low import duty ...

The Dollar Business Bureau The government has imposed minimum import price (MIP) on certain steel products with a view to controlling cheap inbound shipments and not to help the industry get a “permanent cover”, said Commerce and Industry Minister Nirmala Sitharaman. Sitharaman was referring to the MIP imposed on 173 steel products, ranging between $341 and $752 per tonne in February 2016. “Our intention is not to give a permanent cover but to extend little help because it was so that the quantum of cheap steel which was coming into the country had to be stopped and where the surge was clearly established, we took this step. They were all for a short duration,” elaborated Sitharaman. The government later reduced the MIP to cover only ...

PTI Japan has dragged India to the World Trade Organisation (WTO) against certain measures taken by New Delhi on imports of iron and steel products. “On December 20, Japan notified the WTO Secretariat that it had requested dispute consultations with India in the dispute ‘India-Certain Measures on Imports of Iron and Steel Products’,” the WTO has said. India has imposed minimum import price (MIP) on imports of certain iron and steel products. In February, India imposed MIP of 173 products for six months, which was later extended twice for two months. Earlier this month, the government extended MIP on 19 products till February 4, 2017. According to the commerce ministry sources, WTO-compliant measures like anti-dumping duty should be used to overcome the issue of cheap imports ...

The Dollar Business Bureau To protect domestic producers of iron and steel from cheaper imports, the Directorate General of Foreign Trade has extended the Minimum Import Price (MIP) on 19 iron and steel products for another two months ie till February 4, 2017. This was relayed via notification no., 31/2015-2020 Dated 3rd December, 2016 specifying that the Central Govt extends the applicability of Minimum Import Price (MIP) on 19 HS Codes of Iron and Steel under Chapter 72 of ITC (HS), 2012 - Schedule-1 (Import Policy) beyond 04/12/2016. The present MIP ranges between $643 to $752 per tonne. It should be noted that MIP on 66 products was extended four months ago. The 19 products include flat-rolled products of iron or non-alloy steel, ...

The Dollar Business Bureau Heavy Industries and Public Enterprises Minister Anant Geete on Thursday exhorted companies to counter the challenges posed by the growing Chinese products, which are being sold at globally competitive prices. "India's manufacturing sector is in trouble for last many years. In the era of globalisation, competing in international markets has become a challenge for the country's private as well as state-owned firms," Geete said at an event organised by Assocham. "If we fail to compete globally, we will get isolated. We have to compete with China, which has occupied a dominant place in markets worldwide. We need to accept this challenge," he said. According to the Nikkei Markit India Manufacturing Purchasing Managers' Index (PMI) – a tool to evaluate ...

The Dollar Business Bureau  Hindalco, a leading aluminium company, on Friday sought the government’s support to make the local industry capable of competing with what it termed ‘foreign economic invasion’ and urged it to boost new investments. “We seek government support to enable domestic industry to compete with the onslaught of foreign economic invasion. We urge the government to encourage new investments to make India self-sufficient to meet domestic demand and a significant player in the world market,” said Satish Pai, Managing Director of Hindalco, while addressing the World Non-Ferrous Conference 2016 in Mumbai. The aluminium industry has considerable potential to grow, Satish said, but the sector seeks policy intervention from the government. Cheap imports are impacting the growing local demand. In the past ...